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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Home equity loans or lines of credit have increased
dramatically in popularity in recent years. One of the reasons
is that interest rates are at or near historic lows; borrowing
money has rarely been more affordable. Another reason is that
Americans are enjoying record amounts of equity as home values
have skyrocketed in recent years. Given that the loans are
affordable and the equity is available, many homeowners are
wondering if a home equity loan would be a good way to finance
expensive lifestyle items. Would borrowing against your home be
a good way to purchase that Dodge Viper you’ve always wanted?
How about that around the world cruise you have always dreamed
about? Is taking out a home equity loan for luxury purchases a
good idea?
As with any financial transaction, there are
good points and bad points to borrowing against your home to buy
luxury items. The good points are numerous. Unlike a credit card
or standard auto loan, a home equity loan offers deductible
interest on your tax return, provided that the loan does not
exceed $100,000. If you pay taxes in the 28% tax bracket, you
are effectively getting a 28-cent rebate on every dollar you pay
in interest. That is certainly appealing. The fees associated
with a home equity loan have come down in recent years, and the
application process is much simpler than in the past.
The good points make it seem like a good idea, but the
bad points are considerable. Most home equity loans have terms
that extend quite some time, typically ranging from 5-15 years
in duration. Do you really want to pay for a car for fifteen
years? It is quite likely that you’ll still be paying for that
luxury car long after it has gone to the junkyard. The same
applies to that around the world cruise, which will be long
forgotten by the time it has actually been paid for. It may make
sense to fund a luxury car with a home equity loan if the term
of the loan is only five years and you actually plan to keep the
car for that long. Otherwise, funding the purchase with a more
traditional loan would be a better choice.
Of course, if
you have already made the purchases and you are maintaining a
balance on a high-interest credit card, it might be wise to
consolidate your debt with an equity loan. Trading a 20% loan
for a 6% loan is certainly a smart move. The best advice for
anyone considering funding a luxury purchase through a home loan
would be to consult with a tax advisor.
About the author:
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including End-Your-Debt.com, a site devoted to debt
consolidation and credit counseling, and HomeEquityHelp.com, a
site devoted to information regarding mortgages and home equity
lending .