Posted on: 22nd Feb, 2007 02:43 pm
I am looking for a estimate of how much the monthly payment would be if I take a $250,000 loan, a fixed loan for 30 years..thanks
Hi Michael,
If you are looking for a $250,000 mortgage then a frm for a 30 year term with a estimated 6.5% interest rate will have monthly payments of something close to $1580.17 .
If you are looking for a $250,000 mortgage then a frm for a 30 year term with a estimated 6.5% interest rate will have monthly payments of something close to $1580.17 .
thanks Wilbon, if I make bi weekly payment then how much saving is possible compared to normal monthly payments
If you continue making monthly payments then total interest you would have to pay over the full term of the loan would be $318,861.27 while with bi-weekly payment total interest paid would come to $245,426.43. A saving of $73,434.84!
In bi-weekly payments the annual number of payments becomes 13 instead of the normal 12 payments (or 26 bi-weekly payments). This will also result in the reduction of the total term of the mortgage from 360 months to 290 months.
In bi-weekly payments the annual number of payments becomes 13 instead of the normal 12 payments (or 26 bi-weekly payments). This will also result in the reduction of the total term of the mortgage from 360 months to 290 months.