If you want to take a home mortgage, you must have clear estimation about how much money you have and how much you can spend on repaying a loan. The repayment money should include the principal amount and the rate of interest on home mortgage. The amount of money to be repaid depends on what your payment terms and period are. It can be paid on a monthly, bi-monthly, half-yearly or yearly basis. Mortgage calculators will be of great use in calculating all these.
Depending on the type of home mortgage one wants to choose, there are different calculators to him with calculations. There is one type of mortgage calculator with which a buyer can decide how much he can afford for a house. In this, there are two types one will help him decide price of house is with in his range and the other one will help him know how much down payment he will have to make. This will allow him to decide on what type of real estate is ideal for him and also how much he has to save up for a down payment before applying for a home mortgage.
Another type is the mortgage calculator to help a person consolidate all non-mortgage debts. This type of mortgage calculator is further sub-divided into 3 categories one to help him consider the option of merging non-mortgage and mortgage debts into one consolidated amount; another to help consider a refinance option of taking another home loan or by cash out and the third for those who have 2 existing mortgages and are consider ways of paying off the older mortgage.
Popular mortgage calculators are those that can be used to calculate each type such as fixed arm mortgages, adjustable arm mortgages, flexible amortizations etc. There is one type of mortgage calculator which will help the borrower calculate how much he can save by paying extra for the principal amount. This calculator varies depending on the mode of payments like bi-weekly, extra monthly etc., The refinance mortgage calculator is very another popular one for those who want to whether refinancing a property would fetch them more money in the long run. This again is classified in two depending on the refinance option a borrower wants to go for.
The insurance calculator helps the borrower know how many insurance premiums he will have to pay for the mortgage. The amortization mortgage calculator is used for calculating tax savings on interest and property appreciation. There is even a mortgage calculator that will help the borrower compare any two different mortgages and choose the better of the two that will suit him. For example one make comparison between adjustable and fixed rate mortgages or between government and private loans.
Fees and paying points add a lot to the mortgage amount being repaid. There is a mortgage calculator exclusively to calculate this amount for both FRM and ARM. Another mortgage calculator is used to determine which mortgage is more feasible, whether short term or a long term. All these mortgage calculators are available exclusively on the websites of lending institutions. Any borrower can use these calculators free of cost.
To choose the best home mortgage, you have to:
make an estimate of your current and future financial situation
study financial journals and see the interest rate trend
know how much money you can afford to pay as down payment for the house which depends on how long you plan to live in it.
know various types of mortgages available
decide which program will suit your financial position in the long run
To the novice, these many mortgage schemes, mortgage calculators and their uses will look quiet confusing in the beginning. Which type of mortgage requires which type of calculator? Which lending institution to approach?-these are a few important questions which any newcomer find it difficult to answer. Patience and long term study of the real estate market is very important before getting into it. A real estate broker can be very useful in guiding you through the entire process of selecting the best home mortgage for your purpose.
Article by John Hoots of Chicago, who is a specialist in real estate investments. For more information on Chicago home loans, visit his site today.
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cxpromo.com — Top Calculator Choices Casio FX-115MS, a very good calculator I have been a faithful user of the HP 48G since 1995. However I needed a calculator that is permitted on the EIT exam. Since I am comfortable with Reverse Polish Notation entry format, my first inclination was to look for a HP product that is approved for the exam. However after reading the reviews on-line and seeing the price of the HP33S, I decided to look for an alternative. The TI 30XIIs and the Casio fx-115MS were viable options at a better price. I bought both of the TI and the Casio for comparison. Both calculators are about the same size, approximately 6″(T)X 3″(W)x1 The feel of the buttons/keys on the TI was a bit dull when pressed. The Casio keys had slightly more engaged-feel when depressed. The engaged-button feel helps when I am keying numbers without looking at the screen to know whether the calculator took the string of digits and operators correctly. The color scheme employed for button labeling on the TI does not make the “2nd” functions stand out. This is made worse by the shadow cast by the tall buttons, which make the lettering for the “2nd” functions harder to read. The Casio uses fairly distinctive colors for lettering and function schemes. This makes it easier and faster to find the correct key. I find that for engineering problems, Casio had more built in buttons. Thus I don’t have to always use “shift” or “2nd” functions. I also liked the layout of the buttons on the <b>…</b>
The key to investing is not what to invest in. The S&P 500, on average, has returned approx 11% per year. The key is to have the dicipline to always live below your means and to consistantly save and invest. It is no different to dieting or working out. It doesn't matter what machines you work out on, you have to drop the Big Mac and get your butt off the couch and get to the gym.
My advice would be to find an amount of money that at the end of the month you will not miss. Then find a good no load index or growth fund and set up a monthly, systematic investment. The money will automatically come out of your bank account and you will never miss it. If you want to see how it will grow and the power of systematic compound returns, go to http://dinkytown.com and play with the savings and retirement calculators.
Thats a very good goal to have!
Now you must know that if you want to retire early you will need a huge savings/investment account. Since you will have no steady income and inflation will be eating up on your savings (around 3% per year). You must also take into account that you will be not living in luxury, a safe amount to retire on would be 2,000,000 dollars. Considering a withdrawal rate of 3% and inflation of 3% your investments once you reach retirement will have to go up 6% per year for you to have the same purchasing power the next year.
The best way to achieve 2,000,000 dollars by the age of 40 is invest in more risky investments, since they provide the highest return. Since you know little about the stock market I would start by investing in mutual funds. These are diversified investment pools, so you wont have to worry about choosing an individual company. A good company is Vanguard. Go to their website and search what mutual fund matches your goal the most, you must stick to stocks since they provide the highest returns. I would suggest looking into emerging markets. Countries like Brazil, China, Russia, India, Mexico, etc.
Start reading about personal finance and investing. If you dont want to read books since its boring check out some finance blogs. Once you get a feel of how everything works you should jump into individual stocks.
As to it not being the best time to invest, that is completely wrong. Now is the BEST time to invest, the stock market is low and therefore stocks are cheaper. To prove my point if you had bought the S&P 500 (a stock index which tracks the 500 largest companies) when it reached its lows this year you would be up 50% thats turning your 10,000 to 15,000$.
***Disclaimer: It is possible to lose money (all of it) if you invest in risky assets.
send me an email if you need more help. I love talking finance
aae53@yahoo.com
The beauty of investing is that you can do it on the side. Do not solely focus on investing until you know that it will sustain your lifestyle. My father also did this; he started a company, but worked at morgan stanley as a VP until his company was on a firm foundation and could support us. So until you know that your investments are sound enough to support your family and your new son in this economy, I would recommend keeping your job and do the investing on the side.
They smile because there is no simple answer. So many options today. I think a major point is diversification . Put small amounts of money in various places. When you visit say, a bank and speak to a rep there and tell them that you want to invest they will have a lot of options for you. Safe, mid safe and risk. As a young person you can take a risk or mid risk and your money will build faster for you in the risk category. The thing is you have to watch it always. Make sure that if there is a downturn in Asia then you move your money to the North America stocks. Have some bonds, debentures, a few stocks and if you can save some money, real estate is always a good investment. Save a down payment, buy a small house and rent it out and the renter pays your mortgage for you basically. Then by the time you are in your 30s you too will be smiling like the people you have asked. Good luck. Ask the people at the bank. You don't have to make any commitment just get some info. Information ( knowledge) is power.
unless you take home (after taxes and other deductions) and save about $2million in the next 15 yrs, and invest it at a pretty good return, you have no chance in heII of being able to retire at age 40 and have enough money to last you until age 85 or 90 possibly – working only 15 yrs to give you enough to live on for 45 yrs WITH INFLATION? you will have to be making CEO money while liiving like a lower middle class income person
are you currently making $200-250,000 a yr, yet living like you only make $40,000 a yr? and continue to live at a very low income level while retired?
unless you are, you have no shot
Look at the current returns that each of the available funds are producing, then check back periodically for changes. Put your money in the 3 that make the most money right now. That simple strategy will give you safety and maximize your long-term results. When one starts to stink and another shines, then (if permitted, check on how often you can make the changes and then every 3-6 months check again to see if you can or should change your allocation) stop contributing to the poor one and go with another with higher returns that you aren't already in.
Some folks do this kind of thing with Certificates of Deposit. They build a "ladder" with some in a near-term CD (1-3 months), mid-term (6-9 months), and long-term (1-2 years). Then when one matures, they see where the best rates are and roll it over to that length of time, but if there is more than a third of their money on that rung of the ladder, then they put some at the best place for the rung that is less populated. It is a strategy of balance, but still emphasizing the best of what is available.
Patience, you'll do fine.
No one can guarantee a rate of return like that. Occassionally it happens, but I would stear clear from them. It sounds too good to be true. Think of it this way…if it was that great, you could go on MSN money or any financial website and it would be making headlines. Don't waste your hard earned money….I'd bet you'd be losing it.
There is much more that you would need to do before you start thinking of retiring and all of the money that you could make on your idea. I would suggest getting the book Inventing For Dummies and also do some Google searches for things like 'what to do if you have an invention', or any other search term that you can think of, and do some research.
Protect your idea, don't chat about it with other people. Stay away from those companies that tell you to send in your idea and they will get a patent on it .. sure they might get a patent on it, but it will be for them not for you.
Go to college.
First of all, I'd like to congratulate you for having your priorities straight – I know people twice your age who STILL think money is the most important thing in life. It's not, and the sooner people realize that, the better off they are. One of my favorite sayings is, "money is a kind servant, but a cruel master."
And yes – time is your best friend when it comes to investing. The sooner you start investing on a regular basis (i.e., with every paycheck), the better off you'll be.
There's more to learn than anyone can post here, so the first thing you'll want to do is head down to your library or book store and pick up one or two books on the basics of investing. It's really not all that difficult, and this is VERY important stuff to know. You are young, and you'll have decades to put this knowledge to work for you.
I'm showing that your calculation is off slightly – $10K invested for 20 years at 15% would grow to just over $160K. However, 15% is probably an unrealistic expectation – a diversified portfolio of stocks has historically (over the last 100 years or so) gained an average of around 9-10% per year. Note that this is an AVERAGE – stocks go up and down over the short term, and (again, historically) they have lost money about 1 of every three years (this is why stocks are better as a LONG-term investment). Mutual funds (which you'll learn about in your investing books) are the best way for small investors to get a diversified stock portfolio.
So, say you invest that $10K and earn an average return of 9% over 20 years. That would give you a nest egg of around $56K. BUT look what happens if you keep investing regularly over that same 20 years. If you make regular contributions of just $100 a month, your nest egg would grow to $127K. If you averaged $300/month over that 20 years, you're looking at over $260,000.
Finally, don't just think of work as a means to an end – find a career you enjoy! Even if you don't make as much money, do something you love. Life is too short to spend 20 years just working so you can retire.
I hope that helps. Good luck!