The Best Mortgage Calculators On the Web! Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... Are Balloon Mortgages For You?
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.
- Monthly payment
- Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.
- Total payments
- Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Disclosure Laws >Disclaimer Clauses
Before the professional inspects the home that you are buying, you will be asked to sign an acknowledgment of the scope of the inspection. This document will probably include a disclaimer clause designed to relieve the company of responsibility if they should miss a defect. What happens if a defect is missed during an inspection?
The disclaimer clause may get the inspection company off the hook for a defect if there is no visual indication of a problem. If the inspector clearly indicated that he was not checking for that problem--many inspectors do not check for dry rot or inspect roofs--then the recourse will be limited. If negligence is involved, or if the defect should have been obvious to a professional inspector, the disclaimer is not likely to protect the inspector. If you find an undiscovered defect, discuss the matter with the inspector. Depending on the situation, the responsibility for remedying the problem may rest with you, the sellers, and/or the inspector.
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| Q |
What place is known as "America's Stonehenge"?
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| A |
A 4,000 year-old stone constructed megalithic site located on Mystery Hill in Salem, Massachusetts. |
 See More Real Estate Trivia > |
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Julie Kaszyca
Cutler Real Estate
4618 Dressler Road NW
Canton, OH 44718
330-491-2765
Fax: 330-492-1831
JulieKaszyca@NUMBER1EXPERT.COM
Julie Kaszyca & Associates is one of Stark County's leading full service Real Estate teams. With over 25 years of experience and proven results, our job is to work with you in the purchase or sale of your home. If you are considering buying or selling a home in the Stark County area - Canton, Canal Fulton, Jackson Township, Massillon, North Canton, Plain Township, Perry Township and more, call the Kaszyca Team at Cutler Real Estate and let us provide the service you deserve!   
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