MACRS stands for Modified Accelerated Cost Recovery System and it is used in the United States for depreciating assets, mainly for tax purposes. In simpler terms, MACRS is a way for businesses to take into account the wear and tear of assets over a specific course of time and then take tax deductions for those … Read more
Owning a home is a significant financial achievement, and understanding the true cost of your mortgage is crucial. Amortization, the process of gradually paying off your loan principal along with interest, plays a central role in determining your monthly payments and overall financial commitment. Studies by the National Bureau of Economic Research (NBER) have shown … Read more
How could refinancing my mortgage affect my payment or payoff time? Use this calculator to help determine if you should refinance your mortgage. Enter your current mortgage principal and interest payment, your current mortgage balance, the new interest rate, term of the refinanced loan, points and closing costs. This calculator will then show you the … Read more
How much will my actual mortgage payment be, including taxes and insurance? Calculate the monthly payments for a mortgage including principal, interest, taxes and insurance (PITI). Enter your sale price, down payment, the interest rate and the term of the loan. This calculator will then show you the monthly principal and interest payment, the total … Read more
What home price can I afford? Use this calculator to help you determine the most expensive house you would qualify for. Enter your monthly income, all monthly debt expenses (credit card payments, car payments, loan payments, and any other expenses), and information about your mortgage (down payment amount, loan term, interest rate, property tax rate, … Read more
How much equity do I have in my home and how much could I borrow? Find out how much equity you currently have with your home or real estate and how much you could borrow against that equity. Enter your home or real estate’s current market value, the amount of debt that is currently secured … Read more
How much will my payments be with an interest-only mortgage? Calculate the payment amount for an interest-only mortgage loan. An interest-only loan pays no principal in the early years of the loan then converts to a traditional amortized loan for the remainder of the mortgage length. The payments are lower during the interest-only period since … Read more
How much will my monthly payments and payoff amount be with a balloon mortgage? Calculate the monthly payments for a balloon mortgage loan. Enter your sale price, any down payment you’re making, the interest rate, the length of balloon payments, and the amortized length used to calculate the monthly payment. This calculator will then show … Read more
I’m interested in paying off my mortgage early, how much additional should I pay each month to pay off my home by the time I choose? How much additional would you need to pay each month to pay off a home mortgage in a certain number of years and months? Run this calculator to find … Read more
How much will my mortgage payments be? Calculate the monthly payments for a mortgage loan. Enter your sale price, any down payment you’re making, the interest rate and the term of the loan. This calculator will then show you the monthly principal and interest payment, the total amount of interest you will pay and the … Read more