The Best Mortgage Calculators On the Web! Please try my 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 - right before your eyes - 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.
Working With An Agent >A Real Estate Agents Expertise
If you are using the services of a professional real estate agent to find a new home, good communication is crucial to the transaction. A real estate agent who knows your most significant criteria can work much more effectively to show you homes that will meet your needs.
Let the real estate agent know why you are interested in a specific location. Discuss specific requirements such as proximity to your job, good schools, or recreational activities. If there are no houses available in your price range, the agent may suggest alternate neighborhoods with the same amenities. Do you need a home office or do you have hobbies that you want to accommodate? Is there a particular style of architecture that you prefer?
Agents sometimes have to be intuitive when we work with buyers. The more you can describe to your agent what elements in the home are essential and where you are willing to compromise, the easier it will be to use their expertise to find a home that's perfect for you.
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| Q |
What area was designed to look like a 1940s southeastern town with traditional architecture?
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| A |
Disney's "Celebration" in Orlando, FL, will eventually have 8,000 houses and many commercial tourist attractions. |
 See More Real Estate Trivia > |
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Stephanie Mallios
Coldwell Banker Residential Brokerage
545 Millburn Ave
Short Hills, NJ 07078
Phone 1: 973-376-5115
Phone 2: 201-404-1972
eFax: 973-387-4657
Stephanie.Mallios@cbmoves.com
Real Estate has changed a great deal since I started helping clients in 1987. Buyers and sellers have a greater knowledge about the market than ever before and they expect more from their agent. My clients rely on me to guide them through the challenges of buying and selling their homes and helping them achieve their dreams and goals. Experience counts. It takes commitment, passion and caring to be there for you, in up markets and down, always remembering, it’s not about me.
It’s all about you and your dreams!  
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