It's my 1st year in a 30 year aggreement borrowing $81000-rate of 9% but my payments are about$700 seems wrong

Answer 1

by my math, that comes out to 651.74 a Month. are there taxes or fees added?

Answer 2

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Answer 3

Your Rate if at 9% over a 30 year period should be around $651.74/ month. So the rate is correct, but if you could refinance this agreement that would be very beneficial since rates are lower, but if you are a sub-prime lendee, you may be stuck with the rate you are in. I would also like to ask is the rate fixed at 9.0% or is it adjustable to say the fed funds rate or such. Hope this helps...

Answer 4

if you have PMI in this and if they are doing an escro for taxes it looks like all they are charging is the interest, you are probably not lowering your balance at all. Read over your loan agreement they will probably expect you to start paying with principal in a few years. The intrest on 81K at 9% is $607 per month
this interest is too high you should look in to refinancing,but before you do this, when you are reading your agreement check for prepayment penelties (they may want to charge you a bundle to get out of this loan)

Answer 5

$81,000 @9% for 30 years is $651.74.

Are real estate taxes or mortgage insurance or something else included in your payments? The $48.26 extra per month works out to $579.12/yr. Did they tack on something else?

Is the mortgage exactly $81,000?

Check your closing documents.

Answer 6

Assuming it is a 30 year loan and that you are making monthly payments, your payment should be $651.74.

Answer 7

mortgage rates are at 6.5 right now, some areas lower....get a rate on the internet....they will supply you with 4 companies who will compete for your business with much better rate than you now have.