Can someone explain mortgage interest to me?
Senior Member
Joined: Jan 2002
Posts: 844
From: Birmingham, AL
Originally Posted by 13BAce' date='Oct 25 2002, 08:22 PM
[quote name='SPOautos' date='Oct 25 2002, 08:05 AM']If you need conversion factors for any other rates I can give you some more of them, well hell I'm typing now, I might as well give you some
rate / factor
5.75 / 5.84
6.00 / 6.00
6.25 / 6.16
6.50 / 6.32
6.75 / 6.49
7.00 / 6.65
7.25 / 6.82
7.50 / 6.99
7.75 / 7.16
8.00 / 7.34
8.25 / 7.51
8.50 / 7.69
Just divide the financed amt by 1000 and multipy by the factor number.
Later,
STEPHEN
rate / factor
5.75 / 5.84
6.00 / 6.00
6.25 / 6.16
6.50 / 6.32
6.75 / 6.49
7.00 / 6.65
7.25 / 6.82
7.50 / 6.99
7.75 / 7.16
8.00 / 7.34
8.25 / 7.51
8.50 / 7.69
Just divide the financed amt by 1000 and multipy by the factor number.
Later,
STEPHEN
Actually I use my trusty BA-35 calculator but that chart is on the back of my agents business card and it does make for a quick and easy when your jsut out and about looking around at houses.
I dont carry a calculator with me everywhere you know lol (eventhough I prob should haha)
STEPHEN
Senior Member
Joined: Nov 2001
Posts: 7,316
From: Bay Area, CA
Originally Posted by SPOautos' date='Oct 25 2002, 01:44 PM
Actually I use my trusty BA-35 calculator but that chart is on the back of my agents business card and it does make for a quick and easy when your jsut out and about looking around at houses.
I dont carry a calculator with me everywhere you know lol (eventhough I prob should haha)
STEPHEN
I dont carry a calculator with me everywhere you know lol (eventhough I prob should haha)
STEPHEN
(3x10^5)(.005)/(1-(1.005)^-30) probably won't get you too much repeat business. :bigthumg:
Senior Member
Joined: Oct 2002
Posts: 343
From: Perth, Western Australia
Originally Posted by SPOautos' date='Oct 25 2002, 11:00 PM
If you want me to give you a quick and easy for figuring payments here it is.......
if the rate is 8.5% and its for 30 years then take the financed amount ($200,000 for instance) and divide it by 1000, that gives you 200. Multiply the 200 x 7.69. Anyway, the conversion number for 8.5% and 30 years is 7.69 so just figure the other number and x it by 7.69 for the payment.
Then if you want to see how much interest your paying (you dont really want to know) over 30 years multipy the pymt amt by 360pymts and subtract the loan amount which will leave the interest.
Also, why are you paying 8.5% interest??? Unless you have some credit probs thats a damn high rate. I've seen 0 and 0 rates as low at 5.75% lately.
STEPHEN
if the rate is 8.5% and its for 30 years then take the financed amount ($200,000 for instance) and divide it by 1000, that gives you 200. Multiply the 200 x 7.69. Anyway, the conversion number for 8.5% and 30 years is 7.69 so just figure the other number and x it by 7.69 for the payment.
Then if you want to see how much interest your paying (you dont really want to know) over 30 years multipy the pymt amt by 360pymts and subtract the loan amount which will leave the interest.
Also, why are you paying 8.5% interest??? Unless you have some credit probs thats a damn high rate. I've seen 0 and 0 rates as low at 5.75% lately.
STEPHEN
Sign here, then bend over & grit your teeth
I owe, I owe, so off to work I go tra lal la
Thread Starter
Senior Member
Joined: Nov 2001
Posts: 4,775
From: Ames, IA
Actually, I'm using this to figure out my home equity line of credit, so it's more like "You want to pay off your credit cards? Well bend over for us instead of for them." but this will work out a lot better for me in the long run...hell, in the short run too.
Senior Member
Joined: Jan 2002
Posts: 844
From: Birmingham, AL
Originally Posted by UniqueTII' date='Oct 26 2002, 05:44 PM
Actually, I'm using this to figure out my home equity line of credit, so it's more like "You want to pay off your credit cards? Well bend over for us instead of for them." but this will work out a lot better for me in the long run...hell, in the short run too.
Basically a eloc is just a credit card but they use your home as collateral so its secured and you get a decent rate that also non taxable.
You can do a standard 2nd mortgage with a fixed payment structure and the payments for it are figured just like a primary mortgage.
OR or can just refinance your current mortgage to the current super low rates but make the financed amount enough to cover your current mortgage and the bills you want to pay off.
I used to do 2nd mortgages for a living so would you mind if I gave you some advice. When you refinance your credit cards, PLEASE DESTROY THEM ALL BUT ONE WITH A VERY LOW LIMIT!!!! 95% of the time I would take $700 worth of credit card payment and refi it with a eloc for people to help them and thier new payment would be like $200 then they would just run out and after about a year they would have thier credit card back up to where they used to be. It ALMOST ALWAYS HAPPENS THAT WAY
STEPHEN
Thread Starter
Senior Member
Joined: Nov 2001
Posts: 4,775
From: Ames, IA
I already cut up all but one of my cards...they're evil.
I'm not using the spreadsheet to calculate payments...I'll always pay above the minimum. I'm using it to keep an eye on balance and interest.
I'm not using the spreadsheet to calculate payments...I'll always pay above the minimum. I'm using it to keep an eye on balance and interest.
Junior Member
Joined: Aug 2002
Posts: 24
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