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
How soon can I get another loan modification after my last one?Getting another modification for an already modified loan is tricky, but it can be done in many cases.
HSH.com on the latest move by the Federal ReserveThe Federal Reserve concluded a meeting today, raising the federal funds rate; the target range for the key policy tool is now 1.75 to 2.00 percent.
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.
Home price recovery index: Which metros have improved the most, least?Have home prices in your area fully recovered from the declines suffered during the Great Recession, or are they still struggling to make it back to the peak it reached before the crisis?
The salary you must earn to buy a home in the 50 largest metrosHere’s how much salary you would need to earn in order to afford the median-priced home in your metro area.