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

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

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 .

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?

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

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