Posted on: 22nd Sep, 2008 07:54 pm
Met w/ a Mortgage Broker this evening. I asked what their 30yr Fixed rates were and was told 6.125% and zero points.
Would someone please explain how a $300,000.00 loan @ 6.125 = $2480 a month payment?
My math tells me the payment should be $1821 and change. Did I do the math incorrectly?
$2480 a month to pay off a $300,000.00 is over 9.3 % correct?
Please confirm I'm doing the math right
Thanks
Would someone please explain how a $300,000.00 loan @ 6.125 = $2480 a month payment?
My math tells me the payment should be $1821 and change. Did I do the math incorrectly?
$2480 a month to pay off a $300,000.00 is over 9.3 % correct?
Please confirm I'm doing the math right
Thanks
Hi MGM,
You can calculate your mortgage payments with the help of online mortgage calculators. Take the help of the following link :
http://www.mortgagefit.com/calculators/howmuch-pay.html
Feel free to ask if you have further queries.
Sussane
You can calculate your mortgage payments with the help of online mortgage calculators. Take the help of the following link :
http://www.mortgagefit.com/calculators/howmuch-pay.html
Feel free to ask if you have further queries.
Sussane
You are correct. I have it calculated at $1,822.83/month.
To get to the payment being quoted on a 30 year amortization the rate would have to be 9.3%.
To get to the payment being quoted on a 30 year amortization the rate would have to be 9.3%.
In thinking about it further is is possible the payment they gave you includes taxes, insurance, and mortgage insurance?
That could be the difference between the numbers your seeing.
That could be the difference between the numbers your seeing.
chris that was my first instinct - to assume that our poster was quoted piti rather than simply the p&i payment.
then again, you never know...
then again, you never know...
