I am planning to refinance with a 5/1 term since this is only an investment . what will be my estimated monthly mortgage on a loan of $ 370,000.00 and a rate of 7.5 %?
Jacqueline
Comments
Interest only would be $2,312. It’s 7.5% of the 370,000, then divide by 12 (months).
Depends are you in an interest only or principle and interest loan?
Interest only = 2,347.19
Principle Interset = 2,625.90
Both based a a 5/1 libor 30 amtorization.
Let me know if you have further questions.
why take a 7.5%???
There are a varity of different options. Just because you are taking a loan with 5/1 doesn’t mean that is the loan with the best pricing. Although payments on 370,000 would be 2312.50 (interest only) 2587.09 (principle and intrest) it seems to be that you are leaving out the fact that you might carry mortgage insurance depending on the value of the home and also you need to calculate you monthly taxes and insurance.
If you have a strong credit score. You should be able to do better than the 7.5%. If you need more info please feel free to contact me
