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Old 03-02-2012, 05:30 PM
 
Location: Southern New Hampshire
8,319 posts, read 14,390,238 times
Reputation: 26848

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I've seen and used many mortgage calculators online but none that quite fit what I'm trying to do.

I am about to buy a house with a 30-year mortgage loan. Normally I would have gone with 30-year fixed, but I decided on a 30-year loan with a 10-year fixed rate of 3.125% (and zero points) -- way lower than anything else I could find anywhere AND with this loan they contribute $2,500 to closing costs. After 10 years, it can (and of course likely will) adjust yearly (max is 5 points over the life of the loan), so what I will want to do is pay it off in as close to 10 years as I can.

I already have other savings accounts for house repairs/remodeling, emergencies, retirement, etc., and won't be retiring for at least 20 years. My job is extremely secure (tenured professor) so luckily I don't have to worry about that. And yes, I know that it might not make sense to some to try to pay off a mortgage early (given the falling house prices of recent years), but unless something awful happens to me (like I become disabled), I plan to stay in this house at least until I retire and probably after (I love New Hampshire -- have never minded the cold).

The calculators that I have used so far can show me how much I will have to pay per month to cut the loan to 10 years (so it will be paid off right before the rate goes up), but they can't give me different scenarios with different interest rates (e.g., 3.125% for the first 10 years and, say, 5.125% for the next couple of years, etc.).

Anyone have any other info? Thanks in advance!
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Old 03-02-2012, 07:28 PM
 
4,567 posts, read 9,242,639 times
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Do the math on each scenario, then compare. Shouldn't take more than 10 minutes with a web site and excel worksheet. No single web site can provide everything your looking for, sometimes you need to do some math yourself. As a tenured professor this should be pretty easy.
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Old 03-02-2012, 08:08 PM
 
Location: Southern New Hampshire
8,319 posts, read 14,390,238 times
Reputation: 26848
Um, thanks? I'm generally good at statistics but don't, off the top of my head, know how to calculate an amortization table. I will keep searching ...
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Old 03-03-2012, 06:14 AM
 
Location: Wake Forest, NC
835 posts, read 3,759,078 times
Reputation: 649
Loan origination software can do this. Call your Loan Officer and ask them to do this for you.
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Old 03-03-2012, 04:21 PM
 
Location: Southern New Hampshire
8,319 posts, read 14,390,238 times
Reputation: 26848
Will do, thanks for the suggestion!
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