The payment will depend on the interest rate charged on the loan.
As an example, a monthly repayment on a 1.5million dollar loan, negotiated over 30 years at 7% interest would be $9,979 each month. Calculate that each month over 30 years and you would get the total amount that you would repay - $3,592,440.
Virtually all banks have some sort of repayment calculator on them, which is helpful in finding what payments will be.
The PMT function in Excel outputs a monthly loan payment amount.
I don't think there is a such a thing as an average mortgage payment on any given dollar amount. The principal and interest payment depends on several factors besides the loan amount, primarily the interest rate and loan term(length of the loan). To keep it simple, a 130,000 mortgage at 4.5% for 30 years would be $658.69 for your principal and interest payment. If you could afford to do a 15 year loan, at the same interest rate, the monthly payment would be $994.49 and you would save nearly $60,000 in interest. If you change the interest rate, the payment could change significantly also.
Single Payment Loan
For a 30-year loan, the monthly payment will be $1,266.71
how would a balloon payment effect interest on a loan
All banks that offer loans, whether it be a car loan, business loan, or house loan, also offer a payment calculator which helps determine how much someone can afford to pay.
A Business-Loan Calculator calculates terms for fixed-rate loans Which you can find by searching and you need This information to use the loan calculator: Loan amount Interest rate Term years Additional monthly payment Monthly payment Total interest Average monthly Interest Number of years
They could not make their loan payment, and the lender forced them into liquidation.
Cash advance is not a loan; however an advance. As long as you make sales and receive credit cards as a payment medium, you can qualify for a business cash advance.
A longer term equals a lower monthly payment and a higher dollar amount of interest paid.
A longer term equals a lower monthly payment and a higher dollar amount of interest paid.
A longer term equals a lower monthly payment and a higher dollar amount of interest paid.
You can lower your loan payment by refinancing your car loan. You can also negotiate with your current lender and see if he can reduce your payment amount.
The PMT function in Excel outputs a monthly loan payment amount.
The PMT function in Excel outputs a monthly loan payment amount.
I don't think there is a such a thing as an average mortgage payment on any given dollar amount. The principal and interest payment depends on several factors besides the loan amount, primarily the interest rate and loan term(length of the loan). To keep it simple, a 130,000 mortgage at 4.5% for 30 years would be $658.69 for your principal and interest payment. If you could afford to do a 15 year loan, at the same interest rate, the monthly payment would be $994.49 and you would save nearly $60,000 in interest. If you change the interest rate, the payment could change significantly also.
A loan payment calculator is used for helping you to calculate a monthly payment for any type of loan. You can use it for a mortgage, car, boat, cottage, etc.