mortgage

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bagel
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Joined: Fri Feb 08, 2019 5:52 pm

mortgage

Post by bagel » Fri Jun 07, 2019 6:10 pm

Anyone know of more complex mortgage calculator (rather than simple monthly payment calculation) allowing you to enter points, orig fees/other fees etc?
Home paid off, upgrading and will use sale proceeds to pay off majority of loan, with rapid paying off of loan balance- what would be best type of loan? Assume then the % interest is low concern, much more important are the fees etc.

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simplesimon
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Location: Boston, MA

Re: mortgage

Post by simplesimon » Fri Jun 07, 2019 6:21 pm

How quickly would you pay the new mortgage off?

Topic Author
bagel
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Re: mortgage

Post by bagel » Fri Jun 07, 2019 6:36 pm

1-3 yrs, prob by 18 mos. Want to retire mortgage free.

JoeRetire
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Re: mortgage

Post by JoeRetire » Fri Jun 07, 2019 7:00 pm

You don't need a calculator.
Don't pay any points. Minimize all fees as much as possible.

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simplesimon
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Re: mortgage

Post by simplesimon » Fri Jun 07, 2019 7:01 pm

I would think interest % be the only concern because you should be looking for 0 point loans since the payback most likely won't be there in 3 years.

I have read in the past that some banks won't even do loans below a certain dollar amount too so look into that.

As for your original question, check out mtgprofessor.com who has a number of advanced calculators on his site.

Topic Author
bagel
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Re: mortgage

Post by bagel » Tue Jun 11, 2019 10:41 am

What about loaner credits (reverse points)? 2 points pay all prepaids (closing + year's taxes), takes 15 yr fixed up 0.375%. No prepayment penalty. No closing costs. Pay it off after current house sells and other land parcel sells (both will sell very quickly).

chevca
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Re: mortgage

Post by chevca » Tue Jun 11, 2019 11:08 am

Yes, if you will pay it off in that short a time frame, don't pay points and take as much lender credits as they willl give you. Even if the interest rate is high then, it won't matter much as you will pay it off quickly and not pay much in interest. Lower your costs as much as you can and don't worry much about the mortgage rate is the priority for your situation, IMO.

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