Mental Mortgage Math or
How to figure a payment in your head like a genius
Okay show them you are a brainiac with this
Did you know you can calculate a principal and interest payment on the fly?
Let’s use a 6% interest rate as an example:
Payments - The payment for principal and interest equals about $600 on a $100,000 30-year loan. Use this as your benchmark. (Actual is $599.55.)
Principal Paid - At this rate, figure 1/10th of 1% of the loan amount each month. Example: $100,000 loan = $100 of principal paid. (Actual figure starts at $102.33, increasing with each payment.)
Interest Paid - Subtract the principal from the payment to determine the approximate cost of interest. Example: $600 payment - $100 principal = $500 interest.
As rates change all the time, call for an update on current levels, and we'll calculate a current benchmark applicable to today's markets.
Mental Mortgage Math is not meant to replace your calculator but is a great way to estimate numbers quickly on the fly. Call when you want us to do the rest.
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| here I am at San Juan Capistrano mission at night doing my calculations in my head |
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Caroline Gerardo Barbeau please
call me C. G.
phone: (949)784-9699 NMLS 324982 |
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