The Best Mortgage Calculators On the Web! Please try our 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... Fixed or Adjustable Rate?
A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
Definitions
- Fixed Rate Mortgage
- A fixed rate mortgage has the same interest rate and monthly payment throughout the term of the mortgage. The payment is calculated to payoff the mortgage balance at the end of the term. The most common terms are 15 year and 30 years.
- Fully Amortizing ARM
- This is the most common type of ARM. The monthly payment is calculated to payoff the entire mortgage balance at the end of the term. The term is typically 30 years. After any fixed interest rate period has passed, the interest rate and payment adjusts annually. A Fully Amortizing ARM will also have a maximum rate that it will not exceed. This calculator uses a maximum interest rate of 12%. Below is a list of the most common types of Fully Amortizing ARMs.
| Common Adjustable Rate Mortgages |
|---|
| ARM Type | Months Fixed |
|---|
| 10/1 ARM | Fixed for 120 months, adjusts annually for the remaining term of the loan. |
| 7/1 ARM | Fixed for 84 months, adjusts annually for the remaining term of the loan. |
| 5/1 ARM | Fixed for 60 months, adjusts annually for the remaining term of the loan. |
| 3/1 ARM | Fixed for 36 months, adjusts annually for the remaining term of the loan. |
| 1 year ARM | Fixed for 12 months, adjusts annually for the remaining term of the loan. |
- Interest Only ARM
- An Interest Only ARM only requires monthly interest payments. Since you are not paying any principal, as you are with the other two types of mortgages described above, this can lower your monthly payment. However, since your mortgage's principal balance is not decreased, you will have a balloon payment at the end of the mortgage's term. Like a Fully Amortizing ARM, an Interest Only ARM will often have a period where the interest rate is fixed, and then it is adjusted annually. An Interest Only ARM will also have a maximum interest rate that it will not exceed. This calculator uses a maximum interest rate of 12%.
- Mortgage amount
- Expected balance for your mortgage.
- Term in years
- The number of years over which you will repay this mortgage. The most common mortgage terms are 15 years and 30 years. Please note that for the Interest Only ARM you will have a balloon payment for the entire principal balance at the end of the loan term.
- Expected rate change
- The annual adjustment you expect in your ARM. The range for this calculator is minus 3% to plus 3%. Use a negative value if you believe interest rates will decrease, a positive value if you believe they will increase.
- Interest rate
- Annual interest rate for each mortgage type. Typically an ARM will have a lower interest rate than a fixed rate mortgage. The rate of an Interest Only ARM will vary by lender.
- Months rate fixed
- This is the number of months the rate is fixed for an ARM. During this period the interest rate and the monthly payment will remain fixed. The rate will then adjust annually by the expected rate change.
- Interest rate cap
- This is the maximum interest rate for this mortgage. The mortgage's interest rate will never exceed the interest rate cap.
- Monthly payment
- Monthly principal and interest payment (PI) for the Fixed Rate Mortgage and the Fully Amortizing ARM. This is an interest only payment for an Interest Only ARM.
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.
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Parker Quigley Lake Specialist Team
RE/MAX Foothills Realty
4022 Clemson Blvd.
Anderson, SC 29621
Phone 1: 866-244-8439
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This site is your one stop Comprehensive Website provided by Parker Quigley's Lake Specialist Team and ReMax Foothills Real Estate. Services we provide are: Lake Hartwell Anderson SC Realtors, Lake Keowee Seneca SC Realtors, Lake Hartwell Realtors licensed in Georgia & S.C., Lake Hartwell Buyer Agent Representation, Lake Hartwell Listing Agent with an extensive marketing plan that really works!, Lake Keowee Buyer Agent Representation, Lake Keowee Listing & Marketing Real Estate Agent Specializing in Upstate SC Lake Property. We are licensed Real Estate Agents in Anderson, SC who perform our duties with the utmost professionalism & dedication.
Lake Hartwell is a very large man made Lake with 56,000 acres of water & over 900 Miles of beautiful shoreline.Lake Hartwell is managed by the U.S. Army Corps of Engineers and is well marked with a navigational buoy system as well as shoal markers & no wake zones under bridges and entering it's five marinas (Hartwell Marina, Big Water Marina, Portman Marina,Harbor Light Marina & Clemson Marina). Clemson University also sits on the shoreline of Lake Hartwell and owns a lot of waterfront property on the Seneca River & Coneross Creek Channels of Lake Hartwell. There are also Lakefront Restaurants you can go to by boat such as: The Galley & Nami Asian Bistro at Portman Marina; Charlie T's (located on six & twenty creek by water and Exit 19-A by car); T-60 Grill (located on the Tugaloo River @ Buoy T-60); Swamp Guinnea (located in Hartwell, Georgia), Weinacker's (Located on Coneross Creek) and Season's (Located @ Clemson University Madren Center on the Seneca River). Whether you are searching for a weekend cottage or an upscale permanent Lake Hartwell residence, we will leave no stone unturned in our search for your perfect Lake Hartwell Property. Lake Keowee is also a manmade lake about 1/3 the size of Lake Hartwell. Lake Keowee consists of over 300 miles of shoreline and over 18,000 acres of water and is located north of lake Hartwell. Lake Keowee is managed by Duke Power and boasts gorgeous Blue Ridge Mountain Views and crystal clear water. Our team prides ourselves on the ability to show Lake Hartwell & Lake Keowee Real Estate by Water when you narrow your search. Both Lake Hartwell & Lake Keowee offer a wide range of available Waterfront Real Estate options from Vacant Land to Cottages to Executive Homes & New Construction on the shores of both Lakes Hartwell & Keowee. Both Lake Keowee & Lake Hartwell are very condusive to many types of water sports such as: Waterskiing, wakeboarding, kayaking, canoeing, jet skiing and of course swimming. Many people choose to have a houseboat docked at any one of the marinas so they can anchor out in a private cove for the weekend or take all of their friends to the Clemson Football Games. Yes....you can go to the games by boat. How Fun is that??? North of Lake Keowee you will find Lake Jocassee whick is a true mountain lake and paradise on earth. Lake Jocassee offers 100+ feet of water depth in many areas, several actively flowing waterfalls and beauty beyond belief. Lake Jocassee is surrounded by Mountains and protected national Park land. Lake Jocassee Real Estate is much higher priced than Lake Hartwell & Lake Keowee Real Estate due to lack of available property. Parker's Lake Team offers Buyers & Sellers Professional Real Estate services in Upstate South Carolina Counties including: Anderson, Oconee & Pickens Counties in South Carolina as well as Hart, Franklin & Stephens Counties in Georgia. Providing SUPERIOR LAKE HARTWELL REAL ESTATE & LAKE KEOWEE REAL ESTATE service TO Waterfront Buyers & Sellers on Upstate S.C. Lakes 24 hours a day/ 7 days a week! Lake Hartwell & Lake Keowee Vacation Homes to Permanent Homes....We have the neccessary EXPERIENCE you need to have a smooth & happy transaction! Lakes Hartwell & Keowee are fast becoming very popular Retirement Destinations in South Carolina. Call the Professional ReMax Foothills Lakefront Real Estate Specialists: Parker Quigley's Lake Team Today and Start making your Lakefront Memories TODAY!     
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