I would like to find out how much the interest charge would be on a mortgage of 350,00.00 by the month on 30 year fixed.
I would like to find out how much the interest charge would be on a mortgage of 350,00.00 by the month on 30 year fixed.
How much would th interest be on a 350,00.00
At the rate of5.125 by the month.
Is that 35,000 or 350,000?
Depends on your credit sore, interest rate, and a variety of other factors you are ignoring
If you have a 30 year mortgage for $350,000.00 at 5.125%, the interest paid over 30 years will be $336,053.58.
Making some rather large assumptions, based on a 5.250% rate, the monthly I/O payment would be $1,531.25 for a $350,000 loan amount. This is only the monthly I/O payment and does not include impounds for taxes and/or insurances. Note; most I/O products are not full 30 year term loans, otherwise you'd still owe the same amount financed after 30 years. Typically I/O loans have a 3,5,7, or 10 year I/O period and then they modify to a P/I or PITI monthly payment.
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