Hubby and I bought a house and lot a couple of years ago, and we were financing it through a government agency. The payment per month was really low and affordable, but we weren't so sold to the idea of paying it for 25 years! We tried computing how much we need to pay so that we will be finished at half the time they were allotting us, but I just didn't know how! Hubby tried explaining to me, but the numbers all seemed to be in jumbles.
Obviously having little knowledge about mortgage rates, credit reports, real estate, and home equity, I am glad I found this site that has a Mortgage Payment Calculator as well as a Free Mortgage Calculator. The site is really quite informative and is filled with these "calculators" that will help you compute your real estate transaction and investment needs. They even have a home mortgage loan dollar stretching programs wherein you can compute how much you need to pay each month so that your mortgage will be paid off within a certain date. That's really neat, and so helpful!
Know what we did to help us with our "problem"? My Father helped us out; he paid the mortgage for us! Of course, right now we're still paying him the amount, but this time no more interest! :)
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