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Household
Math™: Last Mortgage Payoff
 Dear
Scott, My question is, I want to pay my $138,000, 5.125% APR,
15-year mortgage, off early. We just refinanced. My first payment is
July 7th. We plan on making one extra mortgage payment a year but I
would like to add an extra $100.00 monthly to principal only. By
doing these two extras, how early will I pay my mortgage off?--Leah
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Payoff
and close accounts
 Scott,
I heard you this morning on the radio and didn't get a chance to
call in. I had a quick question. Once I pay off my credit cards,
does it help my credit to leave that account open, or should I close
this account? Thanks. --Nathan
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Affording
a First Home
 Gary,
Can you help me? My husband and I would like to buy our own home to
live in. How do we know if we can afford one or not? Thanks, Donna
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Household
Math™: Is Biweekly Better?
Here are two mortgages: (Loan 1)
Standard mortgage for $166,792 at 6% for  30
years with monthly payments of $1,000.00 or (Loan 2) A biweekly
mortgage for $166,792 at 6.1% for 25 years with biweekly payments
(once every two weeks) of $500. Which mortgage is better?
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Household
Math™: Which Mortgage is Better?
I am trying to decide whether to refinance my home mortgage (again).
We would like to reduce the time to payoff and are considering a
15-year loan at 4.75% APR. We currently owe $166,312 with 341
payments of $1,060 left at 6.375%. The new loan generates 180
payments of $1,293. If I just took the extra $233 and paid toward my
current loan would I be better off?
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Pay
It Off Or Keep It?
Interest
rates went down this week and many people are refinancing their home
mortgages once again. When you refinance, it's important to make
decisions based on your personal and financial goals in life.
In this article, we are going to discuss the topic of paying off
your mortgage early and why you might or might not want to.
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How
Much?
I understand that 25% of my monthly
income should be for mortgage, taxes and insurance. How much should
I plan for the remainder of my budget?
There are two of us in our household. Is there a set formula? Also,
if I plan to retire in the next 5 years, should I be carrying a
mortgage for the sake of a tax write off?
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Household
Math™: Fast Pay Mortgage
You have a $100,000 mortgage at
6% APR for 15 years. How many extra monthly payments must you send
each year to be able to pay off this loan in exactly 5 years?  Note:
All extra payments are sent along with the year's last monthly
payment.
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The
Truth About Mortgage Loans
When you close on a new mortgage,
your loan papers state the interest rate you will be paying for your
loan. But is that interest rate really as good
as it looks? Out of your monthly payment that you faithfully make
each month, do you know how much of that amount is actually going
towards interest?
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