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There are two types of loans that a person can find on their property, including mortgage loans and second… More
There are a wide range of mortgages available that can serve any number of purposes, from providing long-r… More
The mortgage principal is the balance of the loan, not including the interest, taxes or any insurance fees… More
A mortgage margin is the markup that the bank adds on to the index, or the financial index that drives the… More
Interest-only mortgages are loans that only require the interest be paid every month. These are good loan… More
When calculating an interest-only mortgage, figure out the loan amount, the interest rate and the term on … More
Mortgage interest rates are one of the costs you pay to your lender for a home loan. Interest rates are re… More
A mortgage is the amount of money a homeowner owes on his home. It is the largest and most prevalent debt … More
Qualifying for low APR loans requires a good credit score, steady employment and some negotiating finesse.… More
Finding the best mortgage rates in an economy with tight credit challenges even people with excellent cred… More
Refinancing is a good idea when an interest rate drops more than a point and a half. Better understand wha… More
Refinancing a home mortgage begins by consulting with a mortgage professional to get a good-faith estimate… More
When refinancing a home, fill out an application, provide income documentation, have the home appraised, a… More
Refinancing property after a divorce may be easier if the divorce is not yet final, so that the bank will … More
In order to get out of a mortgage default, most lenders will work with the borrower, but a person may need… More
Summary: When calculating an interest-only mortgage, figure out the loan amount, the interest rate and the term on the loan. Do simple calculations to figure out an interest-only mortgage with tips from a financial consultant in this free video on personal finance and loans.
Carrie Kukuda has a business administration degree, and was branch manager of a community bank. Kukuda owns a consulting business for one-on-one credit education & budget/debt...read more
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"Thinking about an interest only mortgage. Hi I am Carrie Kukuda of the Some Day Coach. I'm going to tell you how to calculate an interest only mortgage. First you are going to need some information to gather up and that information is as simple as your interest rates, your loan amount and what is the term on your loan. You also have to figure that because it is an interest only loan whether you are going to do a three year, a five year, a seven year or a ten year is your typical ones you will find and what that means is for three years to five years to seven years or ten years you are going to have only an interest only payment so you need to make only the interest only payment and then the principal will pick up after those years are done. How to calculate that just to give you a little example of how to calculate that for yourself is say we have a loan of $100,000 and an interest rate of five. You are going to take that $100,000 and you are going to times it by your interest rate so it would be 100 times .05 which equals $5,000 and that is how much you'll pay for that annual interest only loan for the full year. The way to calculate for the month is to divide it by 12 months which is a year. That will give you $416.67. It's that simple. So just a little calculation for you and again I'm Carrie and thank you."
eHow Article: How to Calculate an Interest Only Mortgage
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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