What is the total interest cost of my loan?
Original inbound: How much interest is earned on a five year personal note for $120,000 amortized over a 20 year period at 6 percent?
A: You can quickly learn the answer to this using HSH.com's mortgage calculator or by downloading HSH's Homebuyer's Calculator Suite. Simply add in your loan amount, select a 20-year term and view a complete amortization schedule. Then, just look up (or add up) the interest due for each year's period and you'll have the answer you need.
You don't mention if the loan is structured as interest only or whether payments will also include principal. If it's interest only, simply look at the amount of interest paid in the very first payment, then multiply that number by 60 (months) to arrive at your total interest costs.
If the loan includes principal repayments (amortizing), the answer would be $33,462.50, and the loan would still have a balance of $101,879.30 after 60 payments have been made. If the loan is interest-only
(non-amortizing), the total would be a full $36,000, and of course the balance would still be the full $120,000.
More help from HSH.com
The salary you must earn to buy a home in 50 metrosHere’s how much salary you would need to earn in order to afford the median-priced home in your metro area.
10 metros where a home costs about $1,000/monthHSH.com identifies 10 metro areas where you can afford the principal, interest, taxes and insurance payments on a median-priced home for only around $1,000 per month.
Why is my lender asking for so much documentation?We're looking to refinance our primary home. We own rental properties and the potential lender wants to know everything...
Should I consider my home an “asset”?The answer is "yes", or even "maybe" or "it can be", usually modified by "but not right away, if ever." When it comes to the financial aspect of homeownership, the answer is rarely simple.
Are there drawbacks to buying a 50-year old house?Compared to newer stock, buying an older home can pose different challenges, but whether or not there are drawbacks depend on your choices and needs... and on those of the people who owned it before you.