 Mortgage
Calculators
I never could find all the calculators I like on one page, so here
is my version. All usual disclaimers to accuracy, tax, and legal
advice apply; use at your own risk and discretion.
Rather than start with monthly payments and other
ordinary calculators, let's establish where you
are financially right now, with a calculator which
uses the formula from the bestseller The Millionaire
Next Door: The Surprising Secrets of America's Wealthy
by Thomas J. Stanley and William D. Danko. It establishes
where you are compared to other peers with regards
to savings by considering your income and age.
The formula is your age times your realized pretax
annual household income from all sources except
inheritances divided by 10. This, less inherited
wealth, is what your net worth should be. Click
here.
Do you have credit card debt? This calculator
will show you how long it will take to pay the cards
off based upon your monthly payment. Click
here.
Should you put more money down or invest it
for future growth? This is an interesting calculation,
but there is more to consider than just the numbers.
Click
here.
Where's the money? How much do you spend
on lunch or tobacco? You can plug other "convenience"
or "luxury" items into this calculator
also. What would happen if you redirected a portion
or all of this to paying off consumer debt, auto
loans, accelerating your mortgage payments, or building
savings? For a lunch calculator, click
here. For a tobacco calculator, click
here.
Taxed and non-taxed compound interest calculator. This calculator
shows lump sum growth over time. Click
here.
Compound interest with monthly contributions. So simple,
yet so powerful. This calculator is worth a thousand words. Click
here.
Plug in your loan information, your yearly taxes,
and your homeowners insurance and get your total
monthly payment. Click
here. The Mortgage Strategist<sup>®</sup> avoids PMI (Private
Mortgage Insurance) even with 5% down.
What's your yield? Take where you are, what
you can add, and the end result you would like,
and you will find out what percentage you must earn.
Click
here.
Would you like to mathematically justify getting
a big loan? Find out your after tax mortgage
interest rate. Click
here.
How will pre-paying affect your mortgage?
Click
here.
What's missing calculator? Put in three loan variables and
this will give you the fourth. Click
here.
If there are other financial calculators you've
found useful, please email
me.
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