What is foreclosure and why Outer Banks is a good place for buying bank-owned property?
Foreclosured homes, also known as Bank-owned, REOs, Repos, have been repossessed by the lender, the debt has already been offered at the courthouse steps and the lender has now hired a real estate... Read more
Search Outer Banks Short Sale Listings
posted by: John Dean
Tuesday 3rd of August 2010 12:50:24 PM
What is a short sale and why Outer Banks is a good place for buying distressed property?
A short sale is explained in detail in our Buyer Guide, but basically involves a seller selling a property "short" of the net amount needed to pay off the mortgage. "Distressed, Underwater, Upside down and nega... Read more
This loan comparison calculator will compare a 30 and 15 year mortgage. If you'd like, you can also enter your own mortgage terms. As you will see, a 15 year mortgage will allow you substantial interest savings. However, the increased monthly payment might not be affordable. Consult a financial advisor for a more specific estimate of the benefits to you.
Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
Loan Information
$
How much do you plan to borrow?
%
What is the interest rate of the new home loan?
30 Year Mortgage
15 Year Mortgage
What is the term of the mortgage? (number of years financed).
This is what your calculated monthly payment would be.
This is the total amount you will pay per year.
This is the total amount you will pay over the term of the loan.
This is the total amount of interest you will pay on the loan.
As you can see, the total interest you pay over the life of a loan decreases as you decrease the number of years the loan is amortized. There is a serious drawback, though. Your monthly payment can increase significantly, therefore, weigh your options very carefully. Talk to a financial advisor who can help you decide what's best for you.
Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.
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