Mortgage Calculator

What's Your Goal?
Choosing the right mortgage for your lifestyle could have substantial impact on your retirement, your net worth, and your family's future lifestyle. It is critical that you choose a loan program that fits your needs as well as you future goals. Here are a few choices you may want to consider.
 
• If you plan to move or refinance within the next 5 to 7 years...

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS -- also called 3/1, 5/1 or 7/1 -- can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

• If you plan to stay in your home for at least 7 years...

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for than adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate -- and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often a safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

• If your income varies throughout the year...

Negative Amortization (Neg. Am) Loan
This is a deferred-interest loan which is very powerful -- and the most misunderstood mortgage program because of its many options. Basically, the lender allows the borrower to make monthly payments that are less than the accruing interest. Therefore, if the borrower chooses to make the minimum monthly payment, the loan balance will increase by the amount of interest not paid on the loan. The power of this loan lies in the borrower's ability to choose between making the full loan payment, or the minimum payment, or any amount in between. If a borrower's income varies throughout the year (due to commissions, bonuses, etc.), the borrower can make a lower payment during the "lean times", and then make higher payments when funds are readily available.

Annual ARM
This loan has a rate that is recalculated once a year.

2/1 Buy Down Mortgage
The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers often refinance at the end of the second year to obtain the best long-term rates. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.

Home Equity Financing
Borrowers can turn the equity in their home into an ongoing, convenient source of cash that is available for a variety of purposes, paying interest only for an extended period. A home equity line is a form of revolving credit in which your home serves as collateral. In addition, Chase offers customers the option of applying for a home equity line of credit simultaneously with their first mortgage.

Home Refinancing
Wondering if you missed the boat altogether last year. Maybe not. We might just be able to put together something which will still save you thousands of dollars on long term basis and make you own your home in much lesser time. We offer competitive rates for refinancing. Let the equity in your home work for you!

Debt Consolidation
We understand that life sometimes take unexpected directions and leaves  us with ......medical emergencies, sudden loss of income, overspending, etc. Our loan experts will tailor debt consolidation plan to meet your particular needs, chances are we have a program for you.

 

Which loan is right for you?

Years you plan to                             Recommended
stay in the house

 1-3 year                                    3/1 ARM, 1 year ARM or 6 month ARM

3-5 year                                                                          5/1 ARM

5-7 year                                                                         7/1 ARM

7-10 year                                                                      10/1 ARM 

10+                                                  30 year fixed or 15 year fixed

Fixed rate mortgages

Loan Programs 

 Advantages

Disadvantages
  • 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 up
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

 

Adjustable Rate Mortgages

Loan Programs 

 Advantages

Disadvantages
  • 10/1 ARM 
  • 7/1 ARM
  • 3/1 ARM
  • 1 year ARM
  • 6 month ARM
  • 1 month ARM 
  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if the rates improve
  • May qualify for higher loan amounts.
  • More risk
  • Payments may change over the time
  •  Potential for high payments if rates go up

Balloon Mortgages

Loan Programs 

 Advantages

Disadvantages
  • 7 year 
  • 5 year 
  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Many balloon mortgages offer the option to convert to a new loan after the initial term
  • Can refinance if rates go up.
  • Risk of rates being higher at the end of the fixed period 
  • Risk of foreclosure if you cannot make balloon payment or if you cannot refinance   you cannot exercise the conversion option

 

 Imperfect Credit Program  

 Advantages

Disadvantages
  •  Potential for reestablishing credit if you pay your mortgage on time
  •  When used for debt consolidation program , you may be able to reduce your monthly debt payments
  •  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  

 Advantages

Disadvantages
  • You only borrow what you need
  •  Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible
  •  Rates can change. The maximum interest rate is normally high 
  •  Payments can change
  • Harder to refinance your first mortgage

Home Equity fixed loans 

 Advantages

Disadvantages
  • Fixed payments
  • Interest may be tax deductible
  •  Higher interest rates than on 1st mortgages 
  • Harder to refinance your first mortgage