The Best Mortgage Calculators On the Web! Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... Mortgage Tax Savings Calculator
Interest paid on a mortgage is tax deductible if you itemize on your on tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible. Home equity loans are limited to $100,000 or the amount of equity you have in your home. Our calculator limits your interest deduction to the interest payment that would be paid on a $1,000,000 mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Interest rate after taxes
- Annual effective interest rate after taxes are taken into account. Please note that in addition to the $1,000,000 mortgage debt limit, this calculator assumes that your itemized deductions will exceed the standard deduction for your income tax filing status. If your itemized deductions don't exceed your standard deduction, the benefit of deducting the interest on your home will be reduced or eliminated. For 2002 the standard deductions were $7,850 for married couples filing jointly, $3,925 for married couples filing separately, $4,700 for singles, and $6,900 for heads of household. You should also be aware that the total tax savings may be less for higher incomes that have their allowable itemized deductions phased out.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Monthly payment
- Monthly principal and interest payment (PI).
- Federal tax rate:
- The marginal federal tax rate you expect to pay.
- State tax rate:
- The marginal state tax rate you expect to pay.
- Annual Percentage Rate (APR)
- A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.
- APR after taxes
- Annual percentage rate after taxes are taken into account. Unlike your after-tax interest rate, the APR after taxes takes closing costs into account.
- Loan origination percent
- The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200.
- Discount points
- Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of your loan amount. As long as the points paid are not a broker's commission, they are considered tax deductible in the year that they were paid.
- Other fees
- Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
First Time Buyers >A Matter of Timing
Buying real estate can sometimes involve tricky timing. For example, you may have found the perfect house and are thinking about making an offer, but are feeling pressured to make a decision just when you want time to consider the matter. The agent tells you that another party is thinking about making an offer, so you shouldn't hesitate if you really want the house. What should you do? Trust your agent!
It is natural to feel some pressure from even the most easy-going real estate agent--and some uncertainty about making an offer. If you really like a house, there is always the possibility that someone else will share your enthusiasm for it. Whether your local market is active or sluggish, it is sensible to assume that another offer is likely to come in. Perhaps you can afford to "sleep on it", but moving as quickly as possible will minimize the possibility that the house will go to another buyer.
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| Q |
In what real estate market are more than 90 percent of home sales cash transactions?
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| A |
Palm Beach, home to princes, politicians, and CEOs, has homes from 2,000 sq.ft. condos to 56,000 sq.ft. estates. |
 See More Real Estate Trivia > |
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Mimi Simmons
ERA Cornerstone Realty Group
101 Boulder Street
Nevada City, CA 95959
530-265-7940
Fax: 530-470-0839
mimisimmons@NUMBER1EXPERT.com
When you want the very best, Mimi is your agent! 5th generation Native of Nevada County and 26 years of real estate brokerage experience, Mimi's reputation exceeds her clients' expectations. Founder of ERA Cornerstone Realty Group, Mimi's energy and enthusiasm has taken her to the ceiling of sales performance, ranking in the top 1% in Nevada County for over 12 years and in the Top 20 Brokers in the USA with ERA National, closing up to $40,000,000 annually in past years.
Mimi's knowledge of homes and land gives her clients the edge in their property buying process. She is an expert in handling negotiations and contracts and has unmatched passion for real estate. She has daily knowledge of the changing industry. Her Team gives her clients the level of professionalism expected in today's highly competitive market. On top of Mimi's real estate expertise, she is extremely involved in the community.
"The best real estate experience we have ever had", is a quote from a Bay Area couple. Call Mimi right now and find out for yourself at 530-362-0010.     
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