Sentences with phrase «years of their mortgage payments if»

Paul and Rita get a $ 36,000 mortgage protection plan to cover three years of their mortgage payments if one of them should die unexpectedly.

Not exact matches

In Ontario, mortgage payments account for roughly 60 per cent of income, according to BMO; if the trend continues another 24 months, that figure will hit 1989 levels — the same year the market crashed.

If you start with a «down payment» of $ 45,800 and contribute 15 percent of your monthly income every year for a «30 - year mortgage,» you'll have $ 728,000 in your money mansion (that's after taxes, with a conservative 7 percent yearly return).

Nicole and I agreed that if we couldn't afford to pay the larger monthly payments of a 15 - year mortgage, then we shouldn't buy the house.

If you want to be free of your mortgage sooner you can always refinance to a 15 - year mortgage, but few people do this because it involves higher monthly payments.

If you make enough extra payments, you could pay off your mortgage within 15 years without the mandatory payments of an actual 15 - year mortgage.

I could achieve that in a mere couple of years if I were to save excessively and dump my savings (and inheritance) into a Mortgage REIT via the stock market, most of which are shelling out above 10 % returns in dividend payments.

If you have gained in equity in your home or improved your credit dramatically in recent years, then you might be able to lower your monthly mortgage payment or even shorten the life of your home loan.

If you start with a «down payment» of $ 45,800 and contribute 15 percent of your monthly income every year for a «30 - year - mortgage,» you'll have $ 728,000 in your money mansion (that's after taxes, with a conservative 7 percent yearly return).

This means that if your total monthly debt — including the mortgage payment — uses up more than 43 % of your monthly income, you could have trouble qualifying for a 30 - year fixed - rate mortgage.

If you have a pretty good credit history, a manageable level of recurring debt, steady income, and a down payment of 3 % or more — you might meet the minimum qualification requirements for a 30 - year fixed - rate mortgage loan.

It is much easier to meet mortgage payments if you suddenly lose your job when you have a year's worth of mortgage payments available.

When I checked it recently, it showed that if you were borrowing $ 200,000 via a 30 - year fixed - rate mortgage, and you had a top FICO score in the 760 to 850 range, you might get an interest rate of 3.335 %, with a monthly payment of $ 880, and total interest paid over the 30 years of $ 116,717.

If all you did at age 30 is buy a home worth $ 400,000 and focus on making mortgage payments over 25 years, by the time you're in your 50s, you would have a net worth of approximately $ 1.2 million, based on typical appreciation.

If you plan on working and living in your current area for several years, then start saving up for a down payment on a mortgage and researching what kind of home loan you qualify for.

If she were to maintain her present mortgage payments of $ 1,091 per month, it would be paid off in full in just four years.

If the 15 - year mortgage puts you uncomfortably close to your maximum — meaning you won't have any room in your budget for emergencies or extras — you could always lock into a 30 - year mortgage while making a commitment to yourself to make payments the size of the 15 - year plan unless there's a financial emergency.

«Even if mortgage rates moved back up to their 20 - year average rate of 6.5 percent (what many thought were simply unbelievable rates when they first dropped that low last decade), that same $ 1,100 mortgage payment would finance a home purchase of just $ 193,000, not the current $ 279,000.

If monthly payment consistency is your primary concern, and the idea of a mortgage loan with a fluctuating rate concerns you, then you might be better off choosing the 30 - year fixed - rate mortgage loan.

If we know where we want kids to be at the end of 13 years of schooling, delaying learning is the intellectual equivalent of a balloon payment on a mortgage.

Now that I have some land I'm trying to learn to grow some of my own food, and I already round up the mortgage payment every month even though money is super tight, but if I get $ 100k extra in writing income over the next however many years, I could pay off the mortgage, get proper insulation for this drafty old place, and put solar panels on the roof, at which point I could live comfortably on about $ 1000 a month (except for the unexpected stuff), so that is my current dream.

If you can't afford making the higher payments on a 15 - year mortgage but like the idea of saving on interest, there are other ways to make that happen, even if you have a 30 - year loaIf you can't afford making the higher payments on a 15 - year mortgage but like the idea of saving on interest, there are other ways to make that happen, even if you have a 30 - year loaif you have a 30 - year loan.

If that's true is the amount on the second mortgage or a portion of it included in the monthly payments that are made over the next 5 years back to your other creditors?

For example, a 25 - year old only has a 5 - year time horizon if he's expecting to spend all of his money on the down payment of a mortgage when he's 30.

For example, if your mortgage payment pays principal of $ 500 / month (or $ 6,000 / year), you divide this by the investment credit line or loan interest rate (say 6 %) to get $ 100,000.

Getting rid of a 30 - year mortgage in 25 years is realistic if your payments are low enough that you can afford to throw extra money at the principal every month.

In your case, Konfused, if you are already paying your mortgage off in 8 years, you are paying quite a bit of principal down with each payment.

So the idea is, if you make an extra payment a year on your mortgage, if you make 26 half payments a year, that's 13 full payments instead of 12.

For example, if current interest rates are 2 % lower than your rate on a mortgage on which you have 3 years left to pay, it's going to matter much less than it would for someone who has 25 years of mortgage payments left.

Somebody figured out, if I take my mortgage payment and I cut in half, and then I mail it in 26 times a year, basically every time you get paid, you send in half of your mortgage payment.

For example, if a homeowner with mortgage life insurance dies after 10 years of payments on a $ 250,000 mortgage, the lender would pay approximately $ 185,000 to cover the remaining mortgage debt.

If your total consumer debt payment (to get out of debt within 3 years) was $ 430 a month, and your mortgage was $ 1,550 a month, your new mortgage payment should be $ 1,980 a month at least till the consumer debt portion is gone.

When I get my tax check back, I'll have enough to either throw $ 5500 in Roth (counts for 2015 if done by April 15 I guess) and can try another $ 5500 for 2016 by the end of the year, OR I can put this $ 11000 toward the house, pay off the house, and then go crazy on retirement once the house is paid off (using the mortgage payment to do that).

If you made an extra mortgage payment at the end of last year then make sure that the added interest payment is included in the amount that your lender has counted for.

For example, if inflation averaged just 2 % over the life of your 30 - year mortgage, your final $ 800 principal payment on the mortgage would be equivalent to $ 442 measured in dollars of the same value when you took out your mortgage, thirty years earlier.

Pay off your mortgage faster: Refinancing might mean making higher payments with a 15 year mortgage, but the benefit of paying it off sooner is a great plus if you're concerned about retirement assets and rising expenses.

You know a variable rate mortgage is likely the best option for you if you are content with irregular monthly payments when prime rates move and if you need a mortgage you can break without penalties after three years of the term has elapsed.

If you have established considerable equity in your home and are 62 years or older, a reverse mortgage can help supplement all types of retirement income, especially Social Security payments.

If she were to maintain her present mortgage payments of $ 1,091 per month, it would be paid off in full in just four years.

True bi-weekly vs standard bi-weekly Shows how much you will save if you calculate interest for two - week intervals and apply the bi-weekly payments less the interest to reduce principal every two weeks, instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage payment once a month plus one additional payment once a year out of a special account, managed by the lender.

On the other hand it would be interesting to see where youâ $ ™ d be if you paid off that mortgage in 25, 20, 15, 10 and 5 years instead of either 30 year option, and then invested the full payment each month of the remaining 30 years.

If Harry and Gwen combine the debts together in a $ 448,519 mortgage at 2.75 per cent on a variable rate loan, they could amortize it over the 19 years to Harry's age 65 and have a payment of $ 2,525 per month.

If you have a mortgage that is only a few years old, then likely the majority of the payment goes towards interest.

If they continue to make weekly $ 700 payments and their mortgage rate increases to an average of 4 % (which Feigs feels is a reasonable scenario), it will take 21 years.

Of course, rolling credit card debt into a 30 - year mortgage isn't actually paying it off, but the monthly payments will be a lot lower, and if you're lucky and your home appreciates further, you can pay it off fully when you sell the property and still have paid a lot less interest.

I still expect to pay it down well within 10 years, but if lowering the minimum payment lets me take out a larger mortgage, it will allow us to get into a house we won't feel like we need to move out of any time soon.

Posting as a comment as I'm not 100 % but I believe any FHA mortgage requires a minimum of 5 years of PMI payments if you put less than 20 % down.

«Rates might go up much faster than anyone is expecting and so if you're right on the border of being able to afford your mortgage payment and you're able to lock in an affordable payment for five years, you should definitely do that,» Laird said.

If you still can, switch to a 15 year mortgage, and figure out what percentage of your take - home pay the new payment is.

@JoeTaxpayer I think the OP would (did) still call it a 20 year mortgage, because if he got a 20 year mortgage in 2012, but arranged biweekly payments, it would be done in 2030 instead of 2032.