# what would the monthly payment be for a \$500,000 loan for te

Author Message
Janey

Guest

 Posted: Tue Dec 11, 2007 5:51 pm    Post subject: what would the monthly payment be for a \$500,000 loan for te Like Dislike Monthly payment f or a \$500,000 loan for ten years at ten percent interest?

Joined: 27 Jun 2007

Posts: 3322

474.68 Dollars(\$)
 Posted: Tue Dec 11, 2007 6:27 pm    Post subject: Like Dislike 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

Joined: 22 Oct 2005

Posts: 12179
1313.94 Dollars(\$)
 Posted: Wed Dec 12, 2007 5:31 am    Post subject: Like Dislike 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 ._________________Procrastination is the enemy of your financial success

Community Mentor

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars(\$)
 Posted: Wed Dec 12, 2007 12:22 pm    Post subject: Like Dislike 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?_________________George M. Akerley Mortgage Consultant Word of Excellence- Writing/Editing/Proofreading

Joined: 04 Feb 2007

Posts: 38
Location: San Jose, CA
17.91 Dollars(\$)
 Posted: Wed Dec 12, 2007 5:40 pm    Post subject: Like Dislike 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_________________Upfront Mortgage Planner http://www.upfrontmortgageplanner.com 408-457-7978 (Direct)
Ryan

Guest

 Posted: Thu Dec 13, 2007 12:37 am    Post subject: Like Dislike yup, the taxes and insurance will be possibly higher after all it's a \$500,000 loan.