If I get a loan at 7.50% for 30yrs and the house I want costs $89,500. What is the grand total I own the bank?
2006-07-15 12:54:08 · 10 answers · asked by §†êþhåñïê»-(¯`v´¯)-» 3 in Business & Finance ➔ Renting & Real Estate
Thank you for all the smart a$$ remarks it really helped. Jerks
2006-07-15 13:10:04 · update #1
7.5 rate / 30 yr fixed / Loan Amt. 89,500
Principle & Iinteres Payment 625.80 month
multiply that by 360 months - 225,288 Less loan amount of 89,500.00 = 135,788.00 interest
2006-07-16 08:38:25 · answer #1 · answered by W. E 5 · 1⤊ 0⤋
Good question. This figure should be listed clearly on your Truth in Lending Disclosure". It will be in the last box on the right of the page. This will give you your grand total that you would have paid throughout the term of the loan, unless you have made extra payments on the principal. Then it would obviously change.
Also, if you are not satisfied with the rate at 7.50%, then I can definitely do better than that. If you would like a second opinion, feel free to contact me at timothy.kazee@americanhm. com and we can talk about it.
Good luck in your new purchase!
2006-07-15 21:52:03 · answer #2 · answered by Kaz 3 · 0⤊ 0⤋
Good day, IF you put down 10% you can look at a total pay out of principal (79,500) plus about 150% more over the life of the loan.
May i suggest DaveRamsey.com as a source to help you understand why a loan payment (P.I.Pmi.) equal to
one weeks take home on a 15 year fixed is your best safest bet. Take this from some one who has learned the lessons the bank companys don't want you to know.
Do all your homework before signing. Good L.U.C.K.
2006-07-15 20:07:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Its actually a little more tricky that you would expect becuase you only pay interest on the principle amount that you owe. During the first years of your loan the majority of your monthly paymets are applied to the interest and more towards the principal the later in your loan. Therefore you only add the interest rate to the principle amount each year. If you figure it this way you can almost get an exact amount, not including your taxes, homeowners insurance, etc.
2006-07-15 20:36:14 · answer #4 · answered by Lois Lane 3 · 0⤊ 0⤋
You will pay 135,787 in interest over the thirty years in addition to the 89,500. Your monthly payments before taxes and insurance will be about 626.
Look up amortization calculators online and you can run the numbers yourself
2006-07-15 22:18:59 · answer #5 · answered by BigDaddy 4 · 0⤊ 0⤋
do the math try 30 x's 7.50 equals____. Add 89,500 plus the previous sum. Don't forget to figure taxes, insurance for your state. Hope this helps you!
2006-07-15 19:59:56 · answer #6 · answered by nene 3 · 0⤊ 0⤋
Ask your lender it will be on a page called TIL in all the paperwork you get from the lender.
2006-07-15 19:59:33 · answer #7 · answered by 10 pts for me? 4 · 0⤊ 0⤋
"When buying a house?" ..
Don't list on the application "crackbaby" trust me you won't get your loan.
Oh, and you won't 'own the bank' they'll own you :)
2006-07-15 19:57:23 · answer #8 · answered by Anonymous · 0⤊ 0⤋
go back to school
2006-07-15 19:56:59 · answer #9 · answered by Smileyyy. 3 · 0⤊ 0⤋
take what you are borrowing doudle that, and that is what you owe
2006-07-15 19:58:25 · answer #10 · answered by luke 2 · 0⤊ 0⤋