If my mortgage rate is 6.2% on a $36,000, how do i work out how much interest i'm individual charged mthly?
My mortgage rate is 6.2% fixed on a 5 year which ends in 2012. I have a 30 yr mortgage. I also want to know if It is worth and should refinance in a minute at a lower rate? My current bank told me after my 5 year fixed. My fixed rate could jump up to and no more than 2% a year. I know I can at tiniest get a 5.2% fixed 30 year if I were to refinance in a minute. Would this be beneficial in the long run to refinance now?
Also, I want to mention I used my mortgage to purchase an investment property and my plan be to pay off the mortage using the rent money. Now, I'm thinking I'd close to to keep my $225 mnthly rate as a cheap loan and save up my rent money to invest then. Anyone have any advice for me?
Answers:
Okay, beside your numbers you should be paying $220.49 principle and interest. http://www.mortgage-calc.com/mortgage/si…
If I am you, I would get a fixed loan. Right now I am suspicious what will happen to our economy surrounded by five years, but the 30 year fixed are running as low as ever, 4.75%-5.75%. Its is a good rate. And I would rather you look at a 15 year loan, adjectives off 15 years of interest.
That would be $307.69.
Pull out the amoritization schedule and it will describe you teh details of each payment. Or, respectively payment ticket should have the details on it. If that isn't found, appointment the mtg co and ask them to send you a copy of the amoritization schedule.
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Also, I want to mention I used my mortgage to purchase an investment property and my plan be to pay off the mortage using the rent money. Now, I'm thinking I'd close to to keep my $225 mnthly rate as a cheap loan and save up my rent money to invest then. Anyone have any advice for me?
Answers:
Okay, beside your numbers you should be paying $220.49 principle and interest. http://www.mortgage-calc.com/mortgage/si…
If I am you, I would get a fixed loan. Right now I am suspicious what will happen to our economy surrounded by five years, but the 30 year fixed are running as low as ever, 4.75%-5.75%. Its is a good rate. And I would rather you look at a 15 year loan, adjectives off 15 years of interest.
That would be $307.69.
Pull out the amoritization schedule and it will describe you teh details of each payment. Or, respectively payment ticket should have the details on it. If that isn't found, appointment the mtg co and ask them to send you a copy of the amoritization schedule.
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