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Bankrate.com has the best calculator in my opinion and you can also look at the amortization schedule. I checked this against my mortgage and the payment and interest is exact, the homeowners insurance and property taxes are something you'll have to search based on the individual property.
Dave will advise you to spend no more than 25% of your take home pay on a 15 year fixed rate mortgage. For you, $1400 x 52 weeks is $72,800 take home amiably. Monthly, that’s $6060, and 25% of that is $1516. Depending on your down payment, $1516 is the “maximum” that Dave would advise you spend monthly on a 15 year fixed rate mortgage.
Such a good calculator! Thanks for posting this. Recently got a house and was looking for something like this. I got a portion of the loan through Personal Loans and have been paying it off a little faster than I expected. A great tool to help me with the calculations.
The best one I’ve used was from mortgagecalculator dot org There was a link on there to download an excel file and I can adjust every payment, color code months - anything you can think of. Best one ever. Google mortgage calculator excel and it should be the first one that pops up.
Based on the Ramsey 25% on a 15-year rule, it’ll never happen with mortgage rates the way they are. The estimations to have a 25% take home pay that covers a house with those specs is almost insane. Mortgage: 450-480K Interest rate: 7.5% Term: 15 year Payment: ~3,500-3,900
I used the calculator on Dave Ramsey’s site and saw that if we make a yearly payment starting on 7/24 of $36,000 we can have our mortgage paid 10 years and 10 months earlier, and save $14,723.25. When I used the calculator to make monthly payments of $3000 beginning 7/24 it states we could save 10 years and 3 months, and save $13,820.67.
There is an app called Karls mortgage calculator that you can download for free from the app store to your smart phone. It's a great app to help you figure this out. I paid down the majority of my mortgage and it will now pay off in 18 months.
Getting mortgage or real estate advice from Dave Ramsey is like getting social media advice from Elon Musk or polite social etiquette advice from Donald Trump or advice on how to not be a creepy old man from Joe Biden. It's simply the wrong tool for the job at hand. Not really relevant that they might have great advice and experience in other areas
On a 15-year mortgage at 6.25%, this payment would support an initial loan value of ~$180,000. If Ramsey's rule is meant to include real estate taxes and insurance, then the loan value would be less. So according to Ramsey, a home buyer who earns $100K (much higher-than-average income in all states except for Washington DC, which I realize is ...
Is Dave Ramsey wrong about priortising mortgage payments over investing? I am in a good position almost at £110k deposit and OK salary but promotion should take me to £55k-£60k by August. I was playing around with mortage calculator and noticed that if I make overpayments of around £800 a month on a mortage of £190k...then I could clear ...