Payment Strategy for Home Loan
Find your sweet spot for monthly payment
Buying a house is one of the major decision in your life. Most of us take a loan to purchase a house. You do not like to buy a house that takes all the earning in monthly installments to pay the loan and you become "house poor". This software will tell you the monthly installment that you will be required to pay when you take the loan. Knowing this you can peruse the loan or go for a less expensive house so that you can meet the monthly installment.
The software will provides you with some shocking facts about the loan, charts and monthly breakdown of payment and balance remaining. You may use this information to make better decision on going forward with the loan that your agent has advised.
Payment Strategy for Home Loan
This software will require the following information:
- The loan planned to be taken from the bank
- Duration of the loan
- Interest rate charged by the bank
The software will provide to with following information that will help plan to repay your debt:
- The monthly installment that you are required to pay for the duration of the loan
- Some shocking facts
-
Charts and monthly breakdown for balance remaining and money paid
Screen Shots:
Following are the screen shots of the software application. It shows the problem defined that will generally meet your requirement. You need to supply the right numbers appropriate for your situation. Click on Do Calculation to see the answer you are looking for and some shocking facts
The chart shows initially the loan amount slowly decreases (or large proportion of your monthly installment goes into servicing debt). In time however the loan amount starts sharply decreasing till all the loan amount is paid in full. You may also use the chart to guess if you can pay entire some near the end of loan period and become loan free.
The monthly breakdown is useful for record keeping. The Balance Remaining information can be used for refinancing the loan, selling the house or purchasing another house.
