CALCULATE MONTHLY PAYMENTS

INTEREST ONLY LOANS: At 12% interest, a monthly interest only payment is calculated at 1% per month of the loan amount. For example:

  • 1% of $40,000 loan is $400 per month of interest only
  • 1% of $54,000 loan is $540 per month of interest only
  • 1% of $85,000 loan is $850 per month of interest only
  • 1% of $92,500 loan is $925 per month of interest only
  • PLUS $25 title company loan servicing fee and impounds of 1/12 of the taxes and insurance. There is NO principal pay down on an interest only loan. At the expiration of the loan term, if borrower has only paid the interest, the full original principal balance will be due, as well as any unpaid interest and accrued late fees. You can always pay more than the interest to pay down the loan and save on interest costs.

5 year fully AMORTIZED LOANS (pays off just like a car loan): Monthly principal and interest (P & I) payments are calculated at approximately $22 per month for each $1,000 borrowed. For example:

  • $30,000 loan: 30 x $22 per $1,000=$660 P & I monthly payment
  • $40,000 loan: 40 x $22 per $1,000=$880 P & I monthly payment
  • $45,000 loan: 45 x $22 per $1,000=$990 P & I monthly payment
  • $50,000 loan: 50 x $22 per $1,000=$1100 P & I monthly payment
  • $55,000 loan: 55 x $22 per $1000= $1210 P & I monthly payment
  • $63,000 loan: 63 x $22 per $1000=$1386 P & I monthly payment
  • $70,000 loan: 70 x $22 per $1000=$1540 P & I monthly payment
  • PLUS $25 title company loan servicing fee & impounds of 1/12 taxes & insurance.

After 5 years of these payments, you would own your home FREE and CLEAR. NO MORTGAGE debt!

8 year fully AMORTIZED LOANS (pays off just like a car loan): monthly principal and interest (P & I) payments are approximately $17 per month for each $1,000 borrowed. For example:

  • $75,000 loan: 75 x $17 per $1000= $1275 P & I monthly payment
  • $80,000 loan: 80 x $17 per $1000= $1360 P & I monthly payment
  • $90,000 loan: 90 x $17 per $1000=$1530 P & I monthly payment
  • $100,000 loan: 100 x $17 per $1000=$1700 P & I monthly payment

PLUS $25 title company loan servicing fee & impounds of 1/12 taxes & insurance.

After 8 years of these payments, you would own your home FREE and CLEAR. NO MORTGAGE debt!

5 year Balloon: Below is a simple way to estimate the monthly payment on the 5 year BALLOON loan. Based on a 10 year amortization at 12.99%, the monthly principal and interest (P & I) payments are approximately $15 per month for each $1,000 borrowed (based on a 10 year amortization). With a balloon loan, at the end of 5 years the remaining unpaid principal balance is all due and payable. For example:

  • $75,000 loan: 75 x $15 per $1000=$1125/mo P & I – 5 yr balloon $50,330
  • $80,000 loan: 80 x $15 per $1000=$1200/mo P & I – 5 yr balloon $53,685
  • $85,000 loan: 85 x $15 per $1000=$1275/mo P & I – 5 yr balloon $57,040
  • $90,000 loan: 90 x $15 per $1000=$1350/mo P & I – 5 yr balloon $60,393
  • 100,000 loan: 100 x $15 per $1000=$1500/mo P & I – 5 yr balloon $67,104
  • 110,000 loan: 110 x $15 per $1000=$1650/mo P & I – 5 yr balloon $73,814
  • 120,000 loan: 120 x $15 per $1000=$1800/mo P & I – 5 yr balloon $80,525 PLUS $25 title company loan servicing fee & impounds of 1/12 taxes & insurance.

After the 5 year term, you will have substantially paid down your original loan amount, but there will still be a large balloon payment due.

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Your Ultimate Guide to Glass Bongs: Discover the HookahB Range

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