Where can I find a mortgage calculator to see differences if I pay more principal?

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The only ones I am finding are for new loans. I need one where I can plug in what I owe on my mortgage interest rate etc then how much I would save by adding additional principal each month. We already pay some additional principal but I want to compare it to my mortgage company’s bi-weekly payment plan.

Historically, home prices are super high compared to the average earnings even though the huge drop has already happened. People are angry that they are losing equity, are underwater on their loans, and some just walk away from their loan because they are paying a lot more than their worth. So I don’t see TARP or anything like that helping or protecting people’s home equity.

I bought a SUV last year and the deal was either $ 5,000 off (and have 10% financing) or no rebate and offer 2.99% interest rate. To me, those who took the 2.99% deal paid $ 5000 more for the same SUV. For the dealership though, they were able to sell it for more than what others thought it might be worth.

I think housing prices still need to go down a lot more. I am wondering if the government can offer incentives or interest free loans to banks so that they can offer super low rates in the 3% range to get people to buy at these higher prices. Then the economy awakens again. Yes there will still be foreclosures but then a turnaround will be coming quicker.
I have talked to realtors over the past few years and it is always the same. “There is no way rates will go lower than now.

So is my idea correct or is there pretty much no way we can have 3% mortgages. If not 3%, how far down can they go?

9 Comments
  1. Reply
    Spock (rhp)
    April 29, 2011 at 9:57 pm

    best is to do it yourself in Excel

    bi-weekly payment plan is a rip — you’d get same result by making an added 1/2 payment each six months and no promises of more. This preserves flexibility — if you get squeezed, you can put off the added payment. In a time of “rolling unemployment” preserving financial flexibility is essential.

  2. Reply
    Katherine W
    April 29, 2011 at 10:36 pm

    Try http://www.dinkytown.com or http://www.bankrate.com. They both have excellent calculators.

    Oh, and nothing stops you from sending in a check more often: you don’t need your company’s bi-weekly plan.

    Please consider, however, if you’re ever going to need this money. It’s harder to get out than it is to put in.

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  4. Reply
    Where's my scooby snack?
    April 29, 2011 at 11:54 pm

    Here are a few.

    The last one should be the one you’re looking for and should help you in your quest. Good luck.

    http://www.mlcalc.com/
    http://www.mortgagecalculator.com/
    http://www.mortgagecalculator.org/calculators/mortgage-principal-calculator.php

    The link below should provide some useful tips for you.

    http://www.ehow.com/info_7941069_paid-extra-principal-mortgage.html

  5. Reply
    Mark J
    April 30, 2011 at 12:39 am

    Finding a good mortgage calculator is pretty easy. They’re all over the net. The thing is, you need to understand how these mortgage calculators work, what types of mortgage calculators are out there, and how best to use them.

    Mortgage calculators put multiple factors into play – such as monthly repayment amounts, your interest rate, any discount points or premium points you might pay, overfall loan costs and the length of your loan term. What you’ll want to do with your mortgage calculator is to play around with as many of these figures as you can so you’ll be aware of how each impacts your bottom line.

  6. Reply
    insane draggin
    April 30, 2011 at 1:30 am

    First your right about the SUV. Housing rates will never go below 4.99%, possibly 6.00%. Both of these will be balloon rates so it really won’t make much difference. They will go up within 1 year again. Yes some home prices are to high and some are to low, depending on the area you live in.

  7. Reply
    buz
    April 30, 2011 at 2:07 am

    We probably won’t ever have 3% home mortgages. But if the fact that we don’t prevents people from buying homes that they can’t really afford, then maybe that’s a good thing. As for housing prices needing to come down, that’s simple economics – if the prices are too high, then people won’t buy ’em, and it’ll correct itself over time.

  8. Reply
    Tim
    April 30, 2011 at 2:53 am

    It is doubtful mortgages will ever get down to 3%, but it is possible.

    You can not compare car loans and home loans. The low rates offered for car purchases are paid down by either the car maker or the dealer. Instead of offering money off, they apply that amount to lower the interest rate. That is how you end up with zero percent loans.

  9. Reply
    Autumn
    April 30, 2011 at 3:42 am

    Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay.

    http://www.worldbestloans.com/Mortgage%20Loan.htm

    Monthly repayments made on your mortgage and the amount that was borrowed, is determined by current mortgage interest rates. Different companies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

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