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| Real Estate at the New Jersey Shore |
"Your Realtor for Life" |
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Calculators
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Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.
Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.
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Results
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Receive this Detailed Analysis
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Your Monthly Payments
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How to Pay off a 30-Year Mortgage in 15 Years Without Really Feeling It
Want to own your home by the middle of the next decade, but can't handle the monthly payments on a 15-year mortgage right now? Try applying the "Three Percent Rule" to your 30-year mortgage. Here's how it works: You make your regular monthly payments for the first year of the loan. At the beginning of the second year, you take an amount equal to three percent of the monthly principal and interest portion of your bill (it's itemized on your statement), and include it as additional principal with each payment for that year. Repeat the procedure for each subsequent year, and in about 15 years you own your home. As an example, consider a $100,000, 30-year loan at 7.25 percent: MONTHLY INTEREST/ PRINCIPAL 3% ADDITIONAL PAYMENT TOTAL MONTHLY PAYMENT 1ST YEAR: $682.18 — $682.18 2ND YEAR: $682.18 $20.47 $702.65 3RD YEAR: $702.65 $21.08 $723.73 And so on. In effect, you're giving your lender an "annual raise" of three percent — likely less than the cost of living. And the reward is full ownership of your home in about half the time called for by the term of your mortgage! |
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