Finance
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401: (k) Growth Explained Contributions & Match
401(k) growth comes from three main sources: employee contributions, employer contributions when the plan provides them, and investment returns on…
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Savings & Investing: Complete Guide, Formulas & Examples
Savings and investing are two different ways of allocating money toward future needs. Saving generally emphasizes liquidity, stability, and near-term…
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VA Mortgages: Funding Fee
VA mortgages are home loans made by private lenders or, in certain programs, directly by the Department of Veterans Affairs…
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Reverse Mortgage: Formula, Meaning & Example
A reverse mortgage allows an eligible homeowner to borrow against home equity without making the same type of scheduled principal-and-interest…
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Renting vs Buying: Long-Term Cost
Renting vs buying is not simply a comparison between monthly rent and a mortgage payment. A useful long-term comparison includes…
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Refinancing: Break-Even & Savings
Refinancing means replacing an existing mortgage with a new mortgage. Homeowners commonly refinance to: lower the interest rate, lower the…
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Rate-And-Term Refinance: Formula, Meaning & Example
A rate-and-term refinance replaces an existing mortgage primarily to change its interest rate, repayment term, or both rather than to…
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Private Mortgage Insurance: Formula, Meaning & Example
Private mortgage insurance, or PMI, is mortgage insurance commonly associated with conventional mortgages when the borrower’s equity at origination is…
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Mortgage Term: Formula, Meaning & Example
Mortgage term is the length of time scheduled for repayment of a mortgage. CFPB’s mortgage terminology identifies 15-, 20-, and…
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Mortgage Recast: Formula, Meaning & Example
A mortgage recast recalculates the required principal-and-interest payment after a substantial reduction in mortgage principal. Instead of replacing the mortgage…
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