Kelley Anderson
David Hutchison
Milton Dek Terrell
Anthony W. Orlando
Ron Throupe
G. Stacy Sirmans
Charles I @charlesi_20
Credit score is a 553 or really close. What's the likely hood of getting a $55,000 loan for a manufactured home and land?
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Mortgage Calculator
Before accumulating unsustainable debt, it’s important to use a Mortgage Calculator like the one below to help you determine your monthly mortgage payment and the time it would take to pay off your debt.
Home Price
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Loan Amount
Interest Rate
Loan Term (Yrs)
Monthly Payment
Mortgage Summary
Monthly Payment
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Start Date
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Pay Off Date
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Total Interest
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Est. Closing Costs
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| Year | Interest | Ending Balance |
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See how your payments are allocated between interest and principal over time.
Total Home Ownership Cost
The total cost of home ownership is more than just mortgage payments. Additional monthly costs include homeowner's insurance, property taxes, Home Owners Association (HOA) dues or Condo fees, and maintainance costs. Use the options below to calcuate the full cost of homeownership. Enter your zipcode for more accurate estimates of property taxes and insurance.
Annual Income
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Marital Status
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PMI
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Insurance
Association Dues
Other Maintainence
Utilities
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Electricity
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Total Cost:
Tax Savings:
Net Month Cost:
How you compare
Tips
Making smaller payments every two weeks instead of once a month saves you interest and pays down your loan faster. How? By making payments every two weeks you actually end up paying more per year (the equivalent of one extra monthly payment).
Cities with the Most Overleveraged Mortgage Debtors
Ask the Experts
As one of the biggest financial transactions of our lives, the purchase of a home requires careful assessment of our finances as well as the potential impact of a mortgage. For advice on both buying and owning a home, we asked a panel of experts to weigh in with their thoughts on the following key questions:
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Is now a good time to buy a home?
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What are the most common financial mistakes people make when buying a home, and which are most costly in the long-term?
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If someone is currently overleveraged and has trouble affording their mortgage payments, what steps should they take?
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Is there any way for an individual to tell if his or her local housing market is overpriced?
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Are there certain housing markets or circumstances in which it is acceptable to be overleveraged in mortgage debt? If so, how much is too much?
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Kelley Anderson
Instructor, Department of Finance, Insurance and Real Estate, Fogelman College of Business & Economics, The University of Memphis
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David Hutchison
Ph.D. – Associate Teaching Professor, University of Notre Dame
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Milton Dek Terrell
Ph.D., Real Estate Research Institute – Professor, Louisiana State University
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Anthony W. Orlando
Ph.D., Assistant Professor of Finance, Real Estate, & Law, California State Polytechnic University, Pomona
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Ron Throupe
Ph.D., Associate Professor, Franklin L. Burns School of Real Estate and Construction Management, University of Denver
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G. Stacy Sirmans
Ph.D., J. Harold and Barbara M. Chastain Eminent Scholar in Real Estate and Kenneth G. Bacheller Professor of Real Estate, Florida State University, College of Business
More Experts
Community Discussion
While WalletHub’s Mortgage Calculator can be eye-opening, it’s also helpful to leverage the WalletHub community. Our members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered....show moreshow less
Vivian Hall @vivianh_12
How is my credit affected by paying mortgage off 8 mos early
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Anonymous
Buy the house your monthly payments and utilities will be cheaper than paying rent.
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MICHAEL @michaelu_215
@: looks good to me, what about you ?
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Sena Beans @labcoatcrooks
Depends, heating in an old house can be massive in Michigan, avg $400 a mo.
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Carolyn Patton @mizcpatton721
@: we very seldom need to use our air conditioning inMichigan and when we do it is less than a week in most cases for the whole year . So in the summer we only pay for lights and water.which saves us for winter heating bills
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Krystal Daniels @krystald1
No your utilies differ fron month to monrh so it all depends on alor of diffeent thing
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Anonymous
If you sell it and use the money as a down payment?
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