Can anyone tell me where i can find out what the payments would be on an interest only loan for $100,000 over 15 years.
At about 6.6% interest it will be $127.02 pw.
If you have a different rate just ask.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you are only paying interest it doesn’t matter if you take the loan over 1 year or 100 years ….the repayments stay the same.
$100,000 x 0.066 = yearly repayment ….then divide by 12 to get monthly, by 52 to get weekly
Thanks Simon and Nat for the speedy reply. That has put a smile on my face as it is better than i anticipated.
All depends on the rate Jim.
Nat is correct in the ease of calculating IO – I should have written what she did!
Remember that the IO period will usually be for 5-10 years. If the loan term is for 15 years then the repayments will go up steeply as there will be a lot of principal being repaid in that remaining period.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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