Question by LH: How much is this mortgage refinance for?
Im looking for someone that has a mortgage calculator(not one of the online ones that calculate monthly payments). My parents are looking to refinance their home, and they were told a 10 year loan at 4.25% would have a monthly payment of around 618.00. There’s one problem with this- the loan was supposed to be for 68k, but when I plugged the numbers into a mortgage calculator online, it said the monthly payments should be almost 700.00 a month. I used to be a loan officer and had a mortgage calculator that could calculate this, but no longer have one. So what I need someone to tell me is, giving the numbers my parents were quoted, how much would that loan be for? Supposedly this is a fixed rate mortgage too. Thanks in advance for your help.
Oops, that was a typo. Should be 4.625%, not 4.25
Best answer:
Answer by rtfm
A loan of ,330 at 4.25 percent for 10 years would generate a monthly payment of 8.
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Approx. $60K produces a $618 per month payment.