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OT: Mortgage Interest Rates

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Old 07-24-2002, 04:50 PM
  #31
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Von Bongo is right. Calculate the difference in payment and YOU figure if it's worth the risk.
 
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Old 07-24-2002, 05:08 PM
  #32
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As blackhawk stated That is my understanding of how they are effected.

JBK could probably shed some light I am surprised he didnt chime in yet.

Cobra Marty someone earlier mentioned to read the fine print on your loan. I would be interested to see if it is a negative ammortization or not.
 
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Old 07-24-2002, 05:15 PM
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I'll try posting this again.

Here's what I got;
processing $350, appraisal $310, title ins $2083, origination=0.5%=$1725, underwriting fee $495, at home closing $225 ALL TOTAL = $5388.

For $345,000, 5.66% 30fixed = P+I = $1993/mo but half paid every 2 weeks = $996.50/2weeks for 24 years. Or $25,909/yr and $621,816 total paid.

Now can someone with a financial calculator plug in for me the following numbers; principal value=$350.388, payment=$2159.08/month, term=24years. What is the interest?
This is my true interest. Thanks.
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Old 07-24-2002, 05:38 PM
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Cobra;

Should be 271,427.00
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Old 07-24-2002, 05:39 PM
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Oops I did that wrong. I ment $345,00 - $5388 = $339,612 = principal value(the amount I actually recieved), $2159.08/mo payment, 24 year term. What is the interest? Thanks.
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Old 07-24-2002, 05:43 PM
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What should be $271,427?

How can it be negative amoritization? The balance would keep going up and never get paid off.
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Old 07-24-2002, 05:54 PM
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OOPS there is a lot of that going around....

Cobra when I plug the numbers in I get the following payment;

$2,158.50..the slight difference might be due to rounding

The total INTEREST you will pay is 282,036.00

Your TOTAL PAYMENTS (P&I) will be 621,648.00
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Old 07-24-2002, 05:56 PM
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I found an online mortgage calculator and ran my numbers and it has an APR rate of 5.8261%.
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Old 07-24-2002, 06:36 PM
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Yea, I hear alot of "non commital responses" from people. Guess I'm just trying to get a feel from people who do this for a living. We are currently trying to lock our rate, but everybody has a bad case of the dragn' ass.
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Old 07-24-2002, 06:40 PM
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We took an 1/8th jump on 30 yr fixed rates mid day today.

As for the nrgative am loan I dont know much about them....I do know world savings pushes them heavily in this area.
 
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