Mortgage Loan Calculator

My parents are considering refinancing to a fixed rate mortgate. I need software that can take the following info: the rate indicated, the initial costs including points mortgate, loan amount, loan term, tax deductions on interest mortgate. The software needs to output the following. Total payments less tax relief over time.

Find a calculator amortization table. This will give you down on payments or interest. The fee is the interest paid.

In general, however, the amount of interest paid on the loan will be equal if not superior, the original loan amount. Add closing costs for her too and that is the total cost of the loan.

Ex: $ 120K funded a note to 6% over 30 years would have a P / I payment of 719.49. Total interest paid over 30 years, $ 139K.

Figure closure costs 6k. The total cost of a 120k loan is $ 145k.

If you pay $ 1k/mo, the loan will be repaid in about 15.3 years and only pay about $ 64k in interest. Total cost: $ 70k. Savings of $ 75k. That's money in their pocket, not the money that is removed at the end of the year (which would be the portion of 35%, only an estimated $ 25k in taxes spread over the 15 years additional).

Note: I am not a tax person and the number is an estimate.

http://www.smartloancalculator.com is great enough in my humble opinion - it will give you your amortization schedule any report abuse

Chase.com a mortgage calculator ....