mortgage payoff calculator with extra principal payment

#Mortgage payoff calculator with extra principal payment free#

Is it worth almost $1,000 more to have it now (furthermore, the retail price in 3 years will probably drop)? That is like going into a store that advertised 'SALE-ADD 20% TO EVERY PURCHASE. In each case, you will receive further details in the form of your total payment amount and the interest accrued. If purchased on a credit card with a 12% annual percentage rate (APR) compounded daily, and with minimum monthly payments of $166 paid over three years, it winds up costing over $5,980. The Mortgage Payoff Calculator is a handy tool that allows you to follow the repayment schedule of your mortgage loan. Here is an example: a new television flat-screen HDTV model retails for $5,000. If one calculated the true cost of goods bought on credit, one would have second thoughts about making the purchase in the first place. Many impulse purchases are made on credit with little thought given to how the debt will be repaid in the future. One should never use credit to purchase things for which one will not be able to pay in the future. Here are the steps to take: Start with the current balance of your loan. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt. Mortgage lenders can provide an amortization schedule to borrowers, but you can easily do the math yourself. Credit abuse increases the cost of credit to everyone. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Goods and services are provided on credit with the expectation that they will be paid for with money in the future. Credit is extended with the faith that borrowers will repay the debt. While credit is very important to the economy, its abuse is harmful.

#Mortgage payoff calculator with extra principal payment free#

The marketing is so aggressive that consumers may lose sight of the fact that this is not free money and make excessive purchases to the point where they find themselves in financial difficulty. This is why credit card companies aggressively compete to get you to use their credit cards and services.

This represents hundreds of billions of dollars in interest earnings to lenders. Use this additional payment calculator to determine the payment or loan amount for different payment frequencies. According to the Federal Reserve, there was more than $2.5 trillion of consumer debt outstanding by late 2009-this is more than double the amount outstanding in 1994. Credit is issued by banks, savings and loans, credit unions, public utilities, and even merchants.

Today, credit has become a business in its own right. One should not use credit in place of money when there is little or no likelihood that payment in real money will be made-using credit without the intent or ability to pay is theft. Derived from the Latin word for 'trustworthiness,' credit is based on faith that the borrower will repay the debt with real money. While credit stimulates the economy, it does have to be used judiciously.