Last Week in The News - Economic Update. U.S. Treasury Secretary John Snow said September 9th that destruction from Hurrican Katrina would slow the nation's economic growth by 1/2- percentage point, not the 1 percentage point the Congressional Budget Office has estimated. Meanwhile, the nation's productivity slowed in the spring while labor costs edged up, the Labor Department reported September 7. Productivity the amount of output per hour of work increased at a 1.8% annual rate in the second quarter, down from a 3.2% increase in the first quarter. At the same time, labor costs rose 2.5% in the spring, slightly higher than the 2.2% rate of increase in the first three months of the year. Wholesale inventories took a suprising dip in July, posting the weakest performance in 28 months, the Commerce Department said September 8. Inventories decreased by .1% after increasing the .4% in June. Wall Street analysts predicted a .6&% gain. U.S. service-sector businesses, however, surged in August, according to The Institute for Supply Management. Its non-manufacturing Index, issued Septmber 6, rose to 65% in August from July's 60.5%, the best reading since April 2004. Readings above 50% indicate growth. Rates on 30-year mortgages, after declining for three weeks, were unchanged last week while other types of mortgages dipped lower on expectations of slower economic growth in coming months. Courtesy - Bear Creek Mortgage Consultants
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Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Monthly payment
- Monthly principal and interest payment (PI).
- Total payments
- Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that you prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assume to happen before the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. |
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