FINANCIAL HOUSEKEEPING | Get a more accurate mortgage calculation
For consumers using most online mortgage calculators to see what they might owe on a new deal, the problem with the numbers comes out in the form of property tax and hazard insurance, which usually don’t get factored in, but which can add a hefty chunk to the monthly payment.
That’s why the “Advanced Mortgage Calculator” at watchyourwealth
.com can be a big help. The calculator allows the user to factor in the costs of first and second mortgages, plus taxes and hazard insurance, resulting in a more realistic idea of the bottom-line cost. The site also features a more traditional, simple mortgage calculator, as well as an interest-only loan calculator that shows the size of payments a consumer would make – excluding taxes and insurance – by converting to an interest-only deal.
SHORT COURSE | Consider the financial impact of remarriage
With money routinely being listed as a central issue in divorce cases and the break-up of families, it makes sense for couples planning to enter into a second marriage to consider the financial aspects of merging families.
At 360financialliteracy.org, the “couples and marriage” section has a terrific set of resources on everything from budgeting to dealing with the financial aspects of divorce, but its best resources cover remarriage issues, everything from prenuptial agreements to providing for children from past marriages to sharing and mingling assets and debt. The site is an outstanding jumping-off point and conversation-starter for couples who will be better served by addressing these issues before re-entering the bonds of matrimony.
