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It doesn't work that way -- the upper limit is still the monthly interest on the loan. So at 3%, 1M is still 25K per month. Unless I'm missing something? (I
by derekp7 10y ago
It doesn't work that way -- the upper limit is still the monthly interest on the loan. So at 3%, 1M is still 25K per month. Unless I'm missing something? (I believe that there is a classification of interest-only loans currently).
- greedo 10y agoYes, your math is off. At 3% the annual interest on a $1M loan would be $30-$40K (depending on how the interest is calculated), per year. Monthly, that would only be around $2500-$3500. Principal repayment be +/- $833/month.