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Monthly payment f or a $500,000 loan for ten years at ten percent interest?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Janey,

Welcome to this forum.

I don't know where you stay and how much do you have to pay for annual property tax and annual homeowner insurance. So I have assumed say you have to pay annual property tax $ 1000 and homeowner insurance $300. In that case you have to pay $6715.87 per month.

If you want to get the exact amount, you check with the given calculator link- http://www.mortgagefit.com/calculators/howmuch-pay.html

Hope that will help you. Feel free to ask if you have any further questions.

Thanks,
Larry

adonis · Posted: Wed Dec 12, 2007 5:31 am Post subject:

Janey,

You can use the FRM Calculator and determine your monthly payments, provided yours is a fixed rate loan.

The monthly payment will come out to be $ 6607.54 .

gmakerley · Posted: Wed Dec 12, 2007 12:22 pm Post subject:

larry, please be real...if a mortgage loan is $500000, how in the world would $1000 for tax and $300 for insurance be reasonable estimates for tax and insurance?

rick · Posted: Wed Dec 12, 2007 5:40 pm Post subject:

The simple answer for $500,000 at 10% for interest only is of course, $50,000 per year, or $4,166.67. If this was a fully amortized loan that would be paid off in 10 years, the monthly payment is as was mentioned $6,607.54. Perhaps the more important question is why you are mentioning 10%? That is in hard money loan territory - but perhaps that's what you need - don't know.

Good luck,

Rick

Guest

yup, the taxes and insurance will be possibly higher after all it's a $500,000 loan.

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