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JJ | If you have a mortgage at 9.5% and the house costs 50,000? |
and you have a 30 year fixed mortgage. What would you end up paying for the house? |
 |
 
Mistyblue
|
Go to www.loancalulator.com |
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gsschulte
 |
well with compounding you have to figure out your payment right? or are you doing simple interest which would be 50000*.095. and are you putting anything down? whats your loan to value ratio? |
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dcgirl
 |
9.5% on a home loan is highway robbery. If you have not taken the mortgage out yet, keep shopping. And if you can't find a better rate, wait till your credit improves enough to get a good rate. |
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jgmeier93592001
 |
If the house costs 50K, how much is being placed down towards the purchase of the property. If your not placing down at least 20%, are you going to have two mortgages or have one with PMI? Lets take the easy route and say that your placing down 20% so your mortgage will be 40K. You would pay 81,083.01 dollars in interest over the next 30 years. So you would pay 131,083.01 for the property over the term of the loan. Most people are forgetting that your paying a little towards the principle in their calculations. So those numbers will be inaccurate. Secondly, you do no pay compound interest on a 30 year fixed program. Matter of fact you will never pay compound interest on any loan with the exception of a Neg Am program. If you have Microsoft Excel, you can down load an Amortization Schedule for free. That will allow you to see the interest that would be paid in every scenario. Hope this helps, contact me directly if you have any questions. |
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leah_ifft@sbcglobal.net
|
Look at your Truth in Lending statement. This should be provided by whoever is handling your loan.
This number is never pretty. But, owning a home is always better than renting. Especially when you are lucky enough to be able to buy a home for $50,000. Your home is an asset when you own it. Your home is a liability when you rent it.
Also, a few people commented that 9.5% is a high interest rate. That depends on your individual situation. Yes, if you have a 700 credit score and you are putting 20% down, 9.5% is outrageous and you should run as fast as you can to a better lender. But, if you are buy or bought the home with credit problems and little or no money down, 9.5% is a pretty good rate. Why wait to repair your credit and keep renting. Interest rates are rising. In a few years 9.5% may be the going rate for people with great credit. You never know. |
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briandavey
 |
I'd refinance. 9.5 is pretty high for interest. |
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NotoFroto
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Hmm sounds like someones homework assignment :-)... I know it is because you didn't even mention your leverage ratio..
the formula is two parts first you find the mortgage constant then you times it by the amount of the Loan...
R(1+R)^n
-------- = Mortgage Constant
1-(1+R)^N
R= .095/12 (or 9.5%/amount of time compounded a year)
N is length of the loan * the amount of times it compounds a year
so N= 30*12 if its compounded every months (12 months in a year)
Take the mortgage constant and times it by the amount you borrowed... so if you borrowed the whole 50,000 it would be
Mortgage Constant * 50,000
your leverage ratio will tell you how much you borrow... Say your leverage ratio is 75%.... that means 75% of the 50,000 is borrowed
so it would be .75*50000= amount loaned
amount loaned * Mortgage constant = monthly payment
Now if you're looking for the total cost of the house
just take the amount of time you make a payment and times it by the payment amount
so N * MONTHLY PAYMENT
Of course you are not taking into account many things like the cost of the loan, home owners insurance, title insurance and other factors you will need.. but this is a good start for an estimate... That should be all you need at least for class
Also remember to think about the time value of money... In thirty years from today your money isnt going to be worth what it is now infact at 3% a year (average inflation) *30 years your money will be worth 90% less at the end of your payments then towards your beginning
You could use the function on your TI calculator but i was always tought to do it by hand so you can actually see the way the formula works... Most mortgage dealers dont even know how they actually get the numbers they get....
Hope this helps! |
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Amanda
|
Refinance now, rates are going up. Although fees will eat up most of the benefit, it will be worth it none the less. |
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ming
 |
uhmm.. 9.5% is same with 0.095(rate of interest, if it is per year basis). 0.095 will be multiplied to the value of house which is 50,000 so that we can get the value of interest per year.. so 0.095(50,000) = 4750 dollars per year and you will pay the interest for 30 years. So $4750 (30 years) = $142,500 is the value of interest for 30 yrs.
$142,500 + $50,000 = $192,500 total value of the house with interest |
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Mira D
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Are you doing homework for a class? If you are not, 9.5 is pretty high. I work as a mortgage specialist and if you need assistance with locating a better deal, please contact me.... |
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