OT: Mortgage Interest Rates
07-24-2002, 04:08 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.
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.
07-24-2002, 04:15 PM
#33
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.
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.
07-24-2002, 04:39 PM
#35
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.
07-24-2002, 04:54 PM
#37
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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
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
07-24-2002, 05:36 PM
#39
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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.
