Mortgage calculator NerdWallet has just released its mortgage calculator, the latest addition to the company's portfolio of tools.It's a welcome addition for anyone who wants to find out how much they'll need to pay down their home.But how much does a mortgage cost, and what's the interest rate?NerdWallet's calculator has a few interesting details, including the following: A 30-year fixed rate mor...
With the housing market still in a state of flux, it’s not surprising that people are struggling to make ends meet.
But a new survey from Wells Fargo suggests that while a mortgage loan may be on your horizon, you may not be paying off the loan as quickly as you might have expected.
While most people with a mortgage are still paying down the balance, more than half of those with a negative equity are actually paying more than they would have under the current system, according to Wells Fargo Mortgage Calculator.
The report, which is based on an online survey of 8,890 people, found that 30% of people with negative equity were paying more on their mortgage than they were under the mortgage rate at the time of the survey.
That number increased to 36% for those with negative mortgage equity and 39% for the remaining loan holders.
Those with negative loan equity paid an average of $2,818 on their mortgages, compared to a total of $1,624 for those in negative equity.
This difference was much larger for those that were in positive equity, which paid an additional $1.8 million.
People with negative debt also paid an overall average of nearly $1 million in interest on their loans.
Those with negative credit also paid about $6,000 more on average than those in positive credit, while those with positive credit paid about half that amount.
That said, those with high credit scores had the lowest interest rates.
They paid about an average $1 a month on their balances, compared with an average that was $1 an month on those with low credit scores.