Let Our Financial Tools Guide You to the Best Decision
At UML, beside helping you with your purchases and loans, we also help you with Adding Up Your Profits—THAT GO RIGHT INTO YOUR POCKET! You need the right figures to add up, for your home--so you plug in what rate your looking for, and with our up to date calculator, you will get the precision you need for the home you WANT! |
 Interest Only
Based on the loan amount and interest rate, monthly payment includes interest payment only, which does not affect the original balance. You may make additional payments to reduce the balance or build more equity.
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Interest Only - With Repayments
If your loan program gives you choice to make interest only payments, with additional monthly payments you reduce the loan balance also building more equity. |
Income Needed
You may provide income documents to apply for a loan (purchase or refi.) to maximize your borrowing power and qualify for the best rate. |
Mortgage Length
You may use this calculator to balance additional monthly payments to set your mortgage term as you wish. |
Mortgage Payment
(PITI) Includes your monthly principle payment / interest payment, your monthly real estate property tax and your monthly home insurance payments. In addition some lenders require private mortgage insurance (PMI) if your loan to value is over 80% |
Mortgage Principal
You may ask yourself what portion of your total payment up to date applied toward the principal balance so you may decide the right thing to do. |
Payment Per Thousand
Total finance charges, including cost of the loan. Based on loan amount, interest rate and the term of the loan you'll see break down of the monthly payments per thousand dollars annualy over the life of the loan or on a monthly basis. |
Second Mortgage
Second mortgage can be generated at purchase with no down payment or whenever homeowner decides to cash out for any financial need. Based on the situation generally second morgages are based on 15 year term. If you maintain monthly interest only payments based on 15 years term, you will have a ballon payment which at the end of the 15 years you may have to re-pay the original balance. |
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Should I Refinance
The choices is clear. If there's benefits such as lowering your rate / term / payment, or you could cash out your equity and put it to work for you. |
Standard vs Bi Weekly
Planting the seed to reduce the total interest paid over the length of the loan simply by paying bi-weekly you will save almost 4 1/2 - 5 years worth of payments. |
Should I Use Heloc
Advantages of using this method is to get max tax benefits on your home loan interest. By paying off revolving accounts such as credit cards or installments loans (auto, RV, boat). |
Pay More
With any additional monthly payments, you may plan to become debt-free in a near future by paying additional monthly payments. |
Tax Benefits
Every homeowner qualifies to benefit from mortgage interest payments, as well as property taxes. |
Which Loan Is Better
Compare apples to apples. If your payment is lower with the same loan amount you will have lower interest rate and lower monthly payments so you can save more. Right or wrong? |
Real APR
Cost of loan is measured by the APR. The APR is an interest rate different than the note rate. Your monthly payment is calculated based on the interest rate and length of the loan. The APR does not affect your monthly payment. The federal truth in lending loan requires mortgage companies to disclose the APR. |
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