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06-15-2009, 08:06 PM #1Registered User
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My Bank is FRUSTRATING...Who is good with numbers...I need help...
I'm hoping somebody can help me with some calculations. What I want to know is based on the information I have, how much I'd have to pay towards my mortgage to pay off one year. I know that the amount will change as it gets closer to getting paid off, but...can somebody please help me?...I'm so confused, and the bank didn't help me at all.
Principal Balance is $125,883.69
Interest Rate 4.9900%
Remaining Amortization 15 year(s), 6 month(s)
What other information do you need to figure this out? TIA for your help.An obstacle is what comes up when you lose sight of your goal.
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2012 Lose-A-Pound-A-Week Challenge
I have 8.2 lbs to lose (as of Mon, May 28th, 2012)
Personal
Pay off my Morgage
$101,927.57 (as of May 28th, 2012 - 10 years, 0 months left...partly because we got a new interest rate
)/$108,631.38 (as of Dec. 3rd, 2011 - 12 years, 7 months left)
Pay off my Line of Credit
$6,977.26 (as of May 28th, 2012)/$17,790.73 (as of Dec. 3rd, 2011)
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06-15-2009, 08:45 PM #2Registered User
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Take your principle balance, multiply that # by your interest rate, divide the answer by 12. Take that answer and subtract it from your mortgage payment (not including the taxes/insurance part if you have those escrowed)...the total you now have is your principle payment for that month. Subtract the principle payment from your mortgage balance. If you want to know how much you will have paid off the principle in one future year you need to repeat all the steps 12 times.
To make it easier to track, get a piece of paper make 4 columns. Column 1= Mortgage Pymt., Column 2= Interest pymt., Column 3= Principle pymt and Column 4= Mortgage balance.
I'd do it for you, but doing an amortization schedule takes some time, you can do it if you follow the steps I have laid out."Life is what happens while you are busy making other plans." John Lennon
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06-15-2009, 09:00 PM #3Registered User
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OK...I'm still confuzzled. This is what I've got, and I don't think the numbers are working.
Originally Posted by mombottoo
Principle balance $125,883.69 times Interest Rate 4.99% = 6281.596
6281.596 divided by 12 = 523.466
This is where it gets confusing. My mortgage payment (including the principal and interest) is $446.48.
So what do I do? Subtract 523.466-446.48? That equals $76.986
Where does that leave me? Is it $76.986 per month that is the principal (not including the interest)? If I paid that off it's one month off my mortgage? Is that right?
Then if I want to see what the next month is I subtract $76.986 from $125,883.69 and start over again?An obstacle is what comes up when you lose sight of your goal.
Daily Fix It, Sort It, or Clean It Challenge
May No-Spend: 9/12 "A penny saved is a penny earned!"
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2012 Lose-A-Pound-A-Week Challenge
I have 8.2 lbs to lose (as of Mon, May 28th, 2012)
Personal
Pay off my Morgage
$101,927.57 (as of May 28th, 2012 - 10 years, 0 months left...partly because we got a new interest rate)/$108,631.38 (as of Dec. 3rd, 2011 - 12 years, 7 months left)
Pay off my Line of Credit
$6,977.26 (as of May 28th, 2012)/$17,790.73 (as of Dec. 3rd, 2011)
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06-15-2009, 09:21 PM #4Registered User
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Hi,
I'm very good with this. An estimate of how much you would need to pay off 1 year of your mortgage is $5607.94. To get the exact amount and if you want to e-mail me the info I will figure it out for you. I have a computer program that does that. You need to find out exactly how much your mortgage was to start with and how many years and put the information at the website bankrate.com. It will tell you exactly where you are on your mortgage and all you have to do is add up the principle for the next 12 payments. Hope this helps
That $5607.94 is not making payments that would be paying off that much right now.Last edited by craftypam; 06-15-2009 at 09:22 PM.
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06-15-2009, 09:24 PM #5Registered User
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http://www.bankrate.com/calculators/...alculator.aspx
Sorry Crafty Pam, I didn't see you suggested thatLast edited by Landscape25; 06-15-2009 at 09:25 PM.
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06-15-2009, 09:34 PM #6Registered User
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How did you get this amount? I typed my information into the website and didn't get this. Maybe I'm doing something wrong. Originally Posted by craftypam
An obstacle is what comes up when you lose sight of your goal.
Daily Fix It, Sort It, or Clean It Challenge
May No-Spend: 9/12 "A penny saved is a penny earned!"
1 (), 2 (), 3 (), 4 (), 5 (), 6 (), 7 (), 8 (), 9 (), 10 (), 11 (), 12 (), 13 (), 14 (), 15 (), 16 (), 17 (), 18 (), 19 (), 20 (), 21 (), 22 (), 23 (), 24 (), 25 (), 26 (), 27 (), 28 (), 29 (), 30 (), 31 ()
2012 Lose-A-Pound-A-Week Challenge
I have 8.2 lbs to lose (as of Mon, May 28th, 2012)
Personal
Pay off my Morgage
$101,927.57 (as of May 28th, 2012 - 10 years, 0 months left...partly because we got a new interest rate)/$108,631.38 (as of Dec. 3rd, 2011 - 12 years, 7 months left)
Pay off my Line of Credit
$6,977.26 (as of May 28th, 2012)/$17,790.73 (as of Dec. 3rd, 2011)
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06-15-2009, 09:39 PM #7Registered User
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I have an amortization program in my computer. I typed in the information you gave me. It asks for amount, then interest rate, then amount of months. Then I added up all of the principle payments. If you payoff that amount you will only owe principle payments, no interest. Originally Posted by Quiltin' Mama
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06-15-2009, 09:44 PM #8
Quiltin' mama crown ministries has all kinds of calculators on the sight. It is a .org
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06-15-2009, 09:50 PM #9Registered User
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I see why you are having a problem. My program tells you what each payment is from 1-30 or 1-15 years. It also tells you for payment 1, principle and interest all the way to payment 180 or 360. If you are not getting what you want at your bank go to the mgr. Ask for amortization of your specific loan and that should give you the exact information. If you have been making your exact payment it will tell you what you owe now. If you have been making extra payments. You would go to the amount you owe now and it will tell you where you are at with your mortgage.
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06-15-2009, 10:04 PM #10Registered User
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Quilting mama; I've got it for you!!!!! Go to interest.com. Click on calculators; then fixed rate or interest only mortgage; fill in information where it says fixed mortgage. Would be better if you type in info when you got your mortgage. How much you borrowed; how many years; and at what interest rate. It will be more accurate since less is paid off in the beginning. Under the graph click schedule by month; then calculate; then view report Scroll down It will tell you the same information that I was telling you that my program has.
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06-15-2009, 10:32 PM #11Registered User
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I think this is what I should do. My mind is spinning with numbers as I try to figure it out. Originally Posted by craftypam
An obstacle is what comes up when you lose sight of your goal.
Daily Fix It, Sort It, or Clean It Challenge
May No-Spend: 9/12 "A penny saved is a penny earned!"
1 (), 2 (), 3 (), 4 (), 5 (), 6 (), 7 (), 8 (), 9 (), 10 (), 11 (), 12 (), 13 (), 14 (), 15 (), 16 (), 17 (), 18 (), 19 (), 20 (), 21 (), 22 (), 23 (), 24 (), 25 (), 26 (), 27 (), 28 (), 29 (), 30 (), 31 ()
2012 Lose-A-Pound-A-Week Challenge
I have 8.2 lbs to lose (as of Mon, May 28th, 2012)
Personal
Pay off my Morgage
$101,927.57 (as of May 28th, 2012 - 10 years, 0 months left...partly because we got a new interest rate)/$108,631.38 (as of Dec. 3rd, 2011 - 12 years, 7 months left)
Pay off my Line of Credit
$6,977.26 (as of May 28th, 2012)/$17,790.73 (as of Dec. 3rd, 2011)
-
06-16-2009, 12:01 AM #12Registered User
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amortization schedules - always hated them in university. Let us know if you can't get the info from your bank. We'll attempt the old-fashioned schedules in that case.
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06-16-2009, 09:11 AM #13Registered User
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Are you wanting this info to pay down your principal and thus less on the loan and faster? If so then when you make extra payments make sure you say you want it to go to principal. That way it isn't going to any interest.
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06-16-2009, 09:21 AM #14Rude and Vile Master
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Why the focus on "one year"? I fear you are putting the cart before the horse.
A mortgage is a debt for an amount, not a time period. If you pay more up front than is scheduled, the time remaining decreases, but time is only a secondary component of the mortgage.
What is it you really want to accomplish?Last edited by Greebo; 06-16-2009 at 09:22 AM.
If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
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06-16-2009, 08:55 PM #15Registered User
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Any update (reply from bank), Quiltin' Mama?
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