Please help me figure out monthly payments
$100,000 Loan
Apply reasonable rate perhaps 6.7% or more...
Say you put $15,000 down vs $10,000 what is difference? Is it worth the extra $5,000?
What are the monthly payments? Please explain ...
Just rying to get an understanding of how much it will cost per month... Thank you all in advance for your help
2006-11-28 04:34:01 · 3 answers · asked by Thor 1 in Business & Finance ➔ Renting & Real Estate
With $10k down yielding a loan amt of $90k, monthly P&I is $580.75.
With $15k down yielding a loan amount of $85k, monthly P&I is $548.49.
With 100% financing and no money down, the monthly P&I is $645.28.
All calculations assume a 30-year amortization and do not include taxes and insurance.
2006-11-28 04:55:38 · answer #1 · answered by boston857 5 · 0⤊ 0⤋
Goggle 'mortgage payments'.
There are several sites that will calculate the mortgage for you.
You can put in different terms (number of years & interest rates)
Don't forget to add real estate tax for your area and insurance cost for a more realistic monthly expense.
2006-11-28 12:37:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Following numbers are based on 6.75% and a 30 yr. term:
$100,000 purchase price
$15,000 down, or 15% down = P&I of $551.31
$10,000 down, or 10% down = P & I of $583.74
Here's the catch: the more of a down payment you have the lower the interest rate you qualify for and the lower PMI (Private Mortgage Insurance) you'll have...
2006-11-28 13:44:25 · answer #3 · answered by KL 5 · 0⤊ 0⤋