Michael questions…

Im looking for an extra payment mortgage calculator that has inputs for “original” and “current” loan amounts.?

I refinanced back in 2009, and have since made a 50k principle payment, now Im paying extra towards my mortgage. Wondering if anyone knows of a mortgage calculator that can help me with these inputs?
Im still in need of a calculator that has a “current” loan amount input, Ive been making extra payments before and since the lump sum payment, and now the monthly extra principle i plot on making will be different than he has been in the past.

This is why im looking for a calculator with an original and current mortgage amount input, while allowing for an extra payment.

Judy answers:

Google: Loan amortization mortgage schedule with extra payments calculator
http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx

Jenny questions…

How to find outstanding balance on mortgage?

I’m working on this question and can’t seem to figure it out:

Bonzo is attempting to help his friend George answer some questions about his home
mortgage. Today George paid the 200th monthly payment on his 30-year mortgage.
His monthly payment (P&I only) is $950. The once a year rate is 9%.

If George had paid an extra $200 per month on this mortgage from the
beginning, how many payments would he now have left to make?

Can this be solved using the Time Regard of Money equation: Fv = Pmt * fvifa n,r%
where:
Payment = $1150 (950 + 200 extra a month)
Payments made to date = 200 (n)
Interest = 9% (r)

When I use my calculator agreed those values and hit Compute Future Regard to find how much he would have paid towards the loan now I get an output that reads:
3.906884 1*1, I don’t have a clue what that means?

Am I on the aptly track to solve the question, and if so what does that calculators output mean?

Judy answers:

This might be a shot in the dark, but I’m guessing you have Mr. Gardner for personal finance at UVU? He likes using “bonzo” as his examples.
Anyways,

This is what I got:
Using the time regard of money w/fiscal calculator…
The whole loan amount = $118,067.7724

So take A4) fv=pmt*FVIFA n,r%
118,067.7724 = 1150[950+200] *(N, .75)
Solve for “N”.

N=196.6949151
This means that it will take 197 payments of $1150 a piece to pay off the loan.

So back to the problem. As of today, you have made 200 payments, but if you make payments of $1150 you will pay it off in 197 payments… So that means you would have paid it off 3 years ago. So the answer is: 0 payments.

Mandy questions…

How much can I REALLY expect to afford when buying a house?

My wife and I combined make over $125k combined annually (she makes shift differential and overtime as a nurse) and currently have $20k saved for a down payment (we have an extra $20k saved for closing costs and unexpected extra new home costs that may come up). The only debt we have to speak of is my apprentice loans which cost about $560/month. I know the 28/36 ratio and that I can use online mortgage calculators, but when I do it is giving me crazy numbers like $550k+. What I am wondering is what we should consider as a reasonable home price taking into account our current fiscal situation, as well as knowing we will be trying to initiation a family tree in ~2-3 years and would not want to be living paycheck to paycheck. Thankfulness!
To answer the extra questions:
My loans will be paid off in 10 years (I just recently finished school)
My wife wants to continue working and is going back to school for her nurse practitioner degree before we initiation a family tree (part time school, work full time). Regardless, I currently make $80k annually and her salary is $45k plus overtime and shift differential.
We live in the Charlottesville, VA area.
I forget what the state income tax is but our current biweekly net salary (after taxes plus investing in 401k, health indemnity, life indemnity, etc.) hovers around $3500 (my personal biweekly net is $2100).
Where we are looking for a house the property tax just got raised to $0.77 per $100 assessed regard.

In regards to accusing us of not “thinking this through,” the reason I am posting here is for advice on how much we should reasonably expect be able to afford, NOT how much a bank will loan us. I thought I made it clear initially that I do not care what banks will loan, I care about

Judy answers:

There is nothing more stupid than asking ‘how much house can we afford ?’ Do you reckon it necessary to buy a house at the highest price amount you can qualify for ? Rather than stretch your budget to the max, instead determine how much of a monthly payment will be comfortable with, and from there, determine what price amount of home you should look at.

If you buy ‘to the max’, you are taking an unneeded risk, should some sort of situation arise which may change your income levels. As example, if you want to initiation a family tree, will that change your income at least temporarily when your wife gives birth ? Of course it will. Will you then have child care expenses ? Of course you will.

Stop to reckon about what you contemplate doing.

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