2007-01-26 02:11:38 · 3 answers · asked by will h 1 in Business & Finance ➔ Renting & Real Estate
Payments for an "Interest only" mortgage.
2007-01-26 02:26:59 · update #1
Multiply the interst rate X the sum of mortgage amount + annual taxes + insurance, and divide by 12.
for example:
100,000 mortgage at 6% with 2400 in taxes and 600 in insurance = 6000 + 2400 + 600 or 9000. divided by 12 =$750/month
2007-01-26 02:18:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Annual interest = Principal X Rate % X 1 year
2007-01-26 02:40:59 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
It's easy:
Take your loan amount x the interest rate and divide by 12.
Example: $200,000 loan amount at 7% would be:
$200,000 x .07 = $14,000 / 12 = $1,166.66
Then add your taxes and insurance, if applicable.
2007-01-26 04:01:11 · answer #3 · answered by Anonymous · 1⤊ 0⤋