Credit Score Interest Rate Calculator

October 6th, 2009 |

Author: admin

credit score interest rate calculator
Question: Need help calculating monthly payment - Mortgage?

I know this is basic math, but even if I use a calculator I still screw the figuring up.

Ok I'm gonna buy a NICE duplex to rent out. There are 6 bedrooms/4 bathrooms total(3/2 on each side).

The realtor is asking $128,700 for it.

My question is, if I took out a 30 year fixed mortgage at 5.5% how much would my monthly payment be?

What about for a 15 year mortgage at 4% interest?

My FICO Score is a 747 w/ no negative factors other than an inquiry or 2, so I know I could get a low rate.

Also, one more question, my credit profile is 4 years old with NO negative factors other than inquiry or 2. Would I have trouble getting a low interest rate mortgage with limited credit history(yeah 4 years is considered limited)? My card utilization is under 3% and I plan to pay the small balances off before I apply. I also pull in about $1,800 every week after taxes are taken out so that would help hopefully.

Thank you.

Answer: Depends on how much of a down payment you make, what your property taxes are, etc.
Since it is an investment property you will need to put down 25%
To figure just the principal and interest go to a mortgage calculator, like;

http://www.bankrate.com/

And input your loan amount and the interest rate.

Go to the county tax assessors to figure the taxes and divide by 12 to get the monthly.
Since you will be putting down more than 20% there will be no PMI.

How to make a Fixed Rate Loan/Mortgage Calculator in Excel