how much monthly payment would be

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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

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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 .

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thanks Wilbon, if I make bi weekly payment then how much saving is possible compared to normal monthly payments

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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.

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