Jack Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania, has created a great website full of information for buyers and property owners. You can find an answer to just about any loan-related question.
He has created at least 18 calculators so you can figure out what your mortgage loan payments will be, plus a lot more. You can compare loan programs, figure out whether or not to pay points, see how much you’ll save by making an extra payment every year, etc.
I am planning to purchase, or have contracted to purchase but not yet closed.
A. Should I consolidate non-mortgage debt in my purchase mortgage?
B. I want the payment on a fixed-rate mortgage.
C. I want the payment and amortization schedule for one mortgage.
D. I want to compare the cost of two mortgages.
E. I want to know the break-even period on paying points.
F. I want to know the rate of return on an investment in points.
G. I plan to put less than 20% down and want to compare the costs of various options.
H. I want to know the best allocation of my limited cash between down payment and points.
I. I want to know the rate of return on an investment in a larger down payment.
J. I want to calculate lender fees from the interest rate and APR.
K. I want to know whether selecting a shorter term on an FRM is a good investment.
L. I want to know whether I can profit by taking a longer term and investing the cash flow savings.
Check it out if you are thinking of borrowing money to pay for a home purchase.
More: The Mortgage Professor