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Mortgage rates are very low right now. Amortization schedules will never be in your favor like this again. Take advantage.
Are you the "spreadsheet type"? Do your own mortgage math within Microsoft Excel, Mac Numbers and/or Google Docs. Take these built-in formulas and just add mortgage rates.
If you're like a lot of U.S. homeowners, when you refinance, you'll choose a shorter-term mortgage. 30-year loans are less popular these days. And think of all the money you'll save.
Starting next week, Fannie Mae is putting major restrictions on the popular "interest only" loan product. This follows Freddie Mac's earlier announcement to discontinue interest only loans entirely.
Teaching you how to calculate your mortgage payment using Microsoft Excel, Numbers for Macintosh, or Google Docs -- complete with formulas and graphics. (1) How to calculate the monthly mortgage payment on a Principal + Interest loan, (2) How to calculate the monthly mortgage payment on an Interest Only loan, (3) How to calculate the principal paid to the mortgage in a given month, and (4) How to calculate the principal paid to the mortgage in a given year.
During the first few years with an amortizing home loan (i.e. principal + interest), homeowners often feel like their entire monthly payment is going towards interest. Well, not all of it goes towards interest, the graph tells us. Just most of it. If you're in the early years of mortgage,...
