Question by mcslain: How come using Yahoo home loan calculators it seems like I am paying way too much for my current home loan?
Took out a loan 6 years ago for 90K at like 5.75%. I’m paying around $ 900/month on it over 30 yrs. The calculators on Yahoo though say I can get a 90K loan now at 6% and only pay $ 540/month over 30 yrs. What is going on? Did I just get taken to the cleaners somehow? Is there anything I can do?
Best answer:
Answer by Carolinahomerates.com
the yahoo calculator isnt including taxes and homeowner’s insurance as your regular mortgage payment does.
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{ 3 comments }
Does the current $ 900 payment include real estate taxes, home owners insurance, or PMI? Is so, that will get the payment up from $ 500 to $ 900. If those things are not in your loan paymentn than the $ 900 should have gotten you a $ 155,000 loan. The only other option is that your actual interest rate is closer to 12%. Is this an adjustabble rate mortgage?
I think the calculators are just principal and interest .
Your actual loan note my include property taxes , house insurance and maybe PMI .
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I agree with the others… Yahoo calculators is just P&I. Meaning principal and interest. Your payment that you pay is PITI (principal interest taxes and insurance).
But still 900 a month on 90K doesnt make any sense. That is huge. That would make you paying close to 45% of your payment to things other then P&I. It should be around 20-25% at most.
Are you sure your interest rate was fixed? Im trying to figure out why your payment is so high even calculating it with PITI. Its way way way high. Its been 6 years so chances are you dont have Mortgage Insurance. So you only have Taxes and Hazard. It only makes sense if you 90K loan is on a house that is worth 300K or maybe your insurance is for flood or earthquake.
I would check your payment and see what it includes. Their is no reason to give the money to your bank so they can pay your bills. You are way pass that. Kill your escrow account. You are just giving them interest free money for a year to pay your bills. You shouldnt have this. Then your payment might be more to your liking. Just remember then you pay your hazard and taxes when they are due.
Good Luck.
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