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PAYMENT and APR Calculator
(Do not use "$" or "," in the number fields)

Here you can compute the payments on up to five (5) different loan amounts, rate and Loan Terms.   The option to calculate APR's is available for those that want to do those calculations.  Leaving the Points and Fees columns blank will cause the Interest Rate to be returned as the APR on the loan.  Here is information about APR's and Also the TIL (Truth In Lending) Statement you will recieve when you apply for a loan.

Click here or call Tim Bradford 216-324-8113 with your Finance Questions

Loan
Amount

Years

Interest
Rate %

Points

Fees
(PFC)

Tax & Ins

APR
**

Monthly
Payment

PITI
w/o PMI

Click here or call Tim Bradford 216-324-8113 with your Finance Questions

** The annual percentage rates (APR) displayed assume a the loan amount you keyed with 20% down, 30 days prepaid interest and points (include Origination and Discount Points) as keyed. You will incur additional closing costs (Appraisal, Survery and Other Title Company Charges) . Prepaid finance charges which are used in the calculation of the APR total the amount you keyed as FEES (this should include the flood search, underwriting, processing, and tax service fees).The APR does not include private mortgage insurance because the amount will vary depending upon your loan to value and other factors. Please contact me to learn about how private mortgage insurance may affect your loan and the other closing costs you will incur.

Which loan is right for me?

Years you plan to stay in the home

Recommended program

1-3 years 3/1 ARM, 1 year ARM or 6 month ARM
3-5 years 5/1 ARM
5-7 years 7/1 ARM
7-10 years 10/1 ARM, 30 year fixed or 15 year fixed
10+ years 30 year fixed or 15 year fixed




Loan Program Advantages Disadvantages

Fixed Rate Mortgages

  • 30 year fixed
  • 15 year fixed
  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

Adjustable Rate Mortgages (ARM)

  • 10/1 ARM
  • 7/1 ARM
  • 5/1 ARM
  • 3/1 ARM
  • 1 year ARM
  • 6 month ARM
  • 1 month ARM
  • Lower initial monthly payment
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • 30 year term, no balloon payment
  • More risk
  • Payments may change over time
  • Potential for higher payments if rates increase

Balloon Mortgages

  • 7 year
  • 5 year
  • Lower initial monthly payment
  • Lower payment for a predetermined period of time
  • Many balloon mortgages offer the option to convert to a new loan after the initial term
  • Risk of rates being higher at the end of the initial fixed period
  • Risk of foreclosure if you cannot make balloon payment, refinance, or exercise the conversion option
  • Balloon payment requires you to sell or refinance after the term, as opposed to a 7/1 or 5/1 program with a 30 year term

First Time Buyer Programs

  • Lower down payment
  • Easier to qualify
  • Lower rates may be available
  • May be subject to income and property value limitations
  • Some government subsidized programs may generate a recapture tax if you sell the house too soon
  • Education courses may be required to qualify for these loans

Stated Income Programs

  • Don't need to verify income
  • Faster approval
  • Good for borrowers who may not qualify with a full income documentation program
  • Higher rates
  • Higher down payment

Interest Only Programs

  • You have several payment options
  • Lower monthly payments
  • Qualify for a higher loan amount
  • Qualify at the interest only payment
  • Option to pay the full normal payment
  • Interest only payments for up to ten years
  • Higher rates
  • Principal loan balance will not decrease during the interest only payment period
  • Payment will be higher for the remaining term

No point, No fee Programs

  • No out-of-pocket loan costs at closing
  • Closing costs are paid from the lender rebate
  • Less money required to close
  • Refinance without increasing your loan amount
  • Higher rates
  • Higher payments
  • Some lenders may have a short payoff penalty which is usually charged to the loan broker, but may be passed on to you
  • Some require a prepayment penalty for the first one to five years

Imperfect Credit Programs

  • Potential for reestablishing credit if you pay your mortgage on time
  • When used for debt consolidation, you may be able to reduce your monthly debt payment
  • Higher rates
  • Terms may not be as favorable
  • Harder to get long-term fixed loans
  • Loans may have prepayment penalties

Home Equity Line of Credit

  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible
  • May be free of closing costs
  • A good source for an emergency fund, if set up in advance
  • Can be used for debt consolidation and lower payments
  • Rates are usually lower than consumer loan or credit card rates
  • Rates can change. The maximum interest rate can be relatively high
  • Payments can change
  • Harder to refinance your first mortgage

Home Equity Fixed Loan

  • Fixed payments
  • Interest may be tax deductible
  • Get cash out for any purpose
  • Higher interest rates compared to first mortgage
  • Harder to refinance your first mortgage
  • Interest is paid on the entire loan amount, compared to an equity line of credit

In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:

  • Purchase your home with no down payment using Private Mortgage Insurance (PMI) or Lender-paid Mortgage Insurance (MI).
  • Piggyback loans: 80-10-10 or 80-15-5. Avoid PMI payments by using Lender-paid MI.
  • Debt consolidation programs.
  • Home Improvement loans.
  • You may qualify even if you've been turned down before!
Use of this website and information available from it is subject to our Legal Notice and Disclaimer      Equal Housing Opportunity

Admin Menu.... Hit Counter 281156
Tim Bradford    216.324.8113
as an employee of American Midwest Mortgage
6363 York Road #300, Parma Heights, Ohio 44130

OHIO MB.803389 - LO.007173 NMLS CO.142066 - LO.250013
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