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Is it possible for a loan of $510,000 to create a payment of $1650? I think the Lender is hiding something.
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Is it possible for a loan of $510,000 to create a payment of $1650? I think the Lender is hiding something. Venus²² 11-14-2006
Posted by Venus²² on November 14, 2006, 1:27 am
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 If this is a fix loan, 6.5%, 30 years, I do not see how they can make the
payment so low. Normally for this loan, the interest will be in the $2,780
minimum. I tried 40 years and I still see $2500/mo of Interest.



Posted by DennyPent on November 14, 2006, 7:23 am
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>If this is a fix loan, 6.5%, 30 years, I do not see how they can make the
>payment so low. Normally for this loan, the interest will be in the $2,780
>minimum. I tried 40 years and I still see $2500/mo of Interest.
>


$3194 per month

Looks like negative amortization to me

Posted by Venus²² on November 14, 2006, 9:40 pm
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>
>>If this is a fix loan, 6.5%, 30 years, I do not see how they can make the
>>payment so low. Normally for this loan, the interest will be in the
>>$2,780
>>minimum. I tried 40 years and I still see $2500/mo of Interest.
>>
>
>
> $3194 per month
>
> Looks like negative amortization to me

Thanks for your response.



Posted by Jeff Strickland on November 14, 2006, 11:29 am
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Given the scenario you supplied, the interest rate is 1.04%. You will NOT be
making this payment for 30 years and expect to pay the loan off. Indeed, the
loan balance will rise if this is the payment you make.

If you REALLY had a 30-year fixed @ 6.5%, the payment would be $3223.55. An
Interest Only payment on 510k @ 6.500% would be $2762.50.





> If this is a fix loan, 6.5%, 30 years, I do not see how they can make the
> payment so low. Normally for this loan, the interest will be in the
> $2,780 minimum. I tried 40 years and I still see $2500/mo of Interest.
>


Posted by Venus²² on November 14, 2006, 9:36 pm
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> Given the scenario you supplied, the interest rate is 1.04%. You will NOT
> be making this payment for 30 years and expect to pay the loan off.
> Indeed, the loan balance will rise if this is the payment you make.
>
> If you REALLY had a 30-year fixed @ 6.5%, the payment would be $3223.55.
> An Interest Only payment on 510k @ 6.500% would be $2762.50.
>
>
>
>
>
>> If this is a fix loan, 6.5%, 30 years, I do not see how they can make the
>> payment so low. Normally for this loan, the interest will be in the
>> $2,780 minimum. I tried 40 years and I still see $2500/mo of Interest.
>>


Yes I agree, I can't imagine the brokers tried to scam innocent buyers.



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