I have a 30 year loan at 7% on $60,000. The mortgage payment is only $537 with ($150)escrow. I pay it each month AND an additional $300 towards the principle. Roughly, this will reduce my total term to have this thing paid for and done in about 11 years based on my calculations. My question [...]

If the reps KNOW it’s a MUCH worse deal than getting a conventional mortgage, why do they lie to their friends and family and represent it as a great loan? The simple interest feature means nothing when the loan has a higher interest rate. In fact, a Primerica SMART loan that starts as 30 years [...]

I am considering refinancing my home. My two year ARM is about to expire. I am thinking about getting an interest only loan and making "principal only" payments in addition to the scheduled "interest payment". This should allow me to reduce the principal much faster than following the amortization schedule that would come with a [...]

I was told that making a payment to principal PRIOR to your first scheduled payment can save thousands in interest over the life of the loan and will obviously get it paid off much quicker. Something to do with being ‘ahead’ all the time on the payments. Can someone explain this more clearly and how [...]

On 01/01/2000 I bought an apartment on the purchase price of $ 433,200.00 The sum is paid by a mortgage consists of 5 six-monthly payments, the first of which dated 01/04/2002. Current rates are: – 4.00% per year until 01/03/2003; – 5.00% per year for the subsequent periods. Determine: a)the installment loan; b)write the loan [...]

Starting on July 1, 2000, Peter borrows \$7600.00 each year for 4 years from his dear Aunt May to pay for college. (Note: the last date that he borrows money is July 1, 2003.) From the beginning, Aunt May agreed to defer all interest on the loans until Peter finds a job; i.e. Peter’s loans [...]

7a. Find the monthly payments for a simple interest amortized loan of $135000 at % for 27 years. monthly payment = $ b. Find the total interest for a simple interest amortized loan of $135000 at % for 27 years. total interest = $ 8. Mike Jones bought a house for $209000. He puts 20% [...]

Consider the problem of calculating a loan amortization schedule. The portion of the payment that goes toward the payment of interest is ___________ than the previous period’s interest payment and the portion going toward repayment of principal is _________ than that of the previous period. a. greater; lower b. lower; lower c. greater; greater d. [...]

Fixed rate balloon loan on a 557 month amortization schedule with a maturity date of 3/1/2036, remaining term of 317 months. ??? Remaining term is 317 months at 4.87%. $942.23 is the P & I. Yes, the 46 year part is where I got confused. These terms do get confusing. Mortgage Professionals have a way [...]

A laptop worth $48000 can be bought at $8000 and the balance to be paid monthly for 1 year at 12% compunded monthly a. find the monthly payment R b. make an amortization schedule for this loan c. How much is the outstanding principal after 5 payments? before the 5th payment? d. how much is [...]