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

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

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 .

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

rick's picture
rick | Joined: February 4, 2007 10:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

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