All Questions
138
questions
5
votes
2
answers
333
views
Loan for mortgage from father to son
My brother got an amazing loan to buy his house from dad for $200,000 but he only pays $150 a month ($100 capital + $50 interest). My question is, is this legal? Doesn't the IRS see this as more of a ...
- 51
1
vote
2
answers
357
views
How to Calculate Interest Only Payment - Formula
I am trying to make a calculation for a monthly and biweekly - INTEREST ONLY.
My Values:
Loan: 30,000
Annual Rate: 2.99%
Term 2 Years, 4 Months
Calculation:
2 Years 4 Months = 2.33 Years
Monthly
...
- 51
59
votes
5
answers
17k
views
Borrowing money in one country to pay off debt in another
I'm currently living in Germany and can borrow a substantial amount of money at almost no interest, effective 3.4%.
In my home country I have several mortgages, basically at the moment funding ...
- 693
0
votes
1
answer
1k
views
Algorithm to calculate the Interest on Loan with a Balloon Payment
I am trying to understand the algorithm used by My Calculators.com - Balloon Payment Calculator
If I enter the following details:
Loan amount: 4556.75
Number of months: 5
Interest rate: 5.75%
...
- 111
-2
votes
1
answer
490
views
Is it considered mortgage fraud if you work for your friend who can assign you higher income?
I posted this on another forum and want to get input here as well. Let's say there's a boyfriend and a girlfriend who have kids together. Boyfriend is self-employed but doesn't have 2 years of ...
- 21
1
vote
2
answers
789
views
Compound Interest & Mortgages
Mortgages are compounded 2 times a year in Canada and 12 times a year in the USA. However, I read that mortgages are simple interest and not compound interest because you pay the interest for each ...
- 27
1
vote
1
answer
2k
views
Will I be able to get an FHA home loan if I opt for a voluntary repossession on my current auto loan?
What i'm asking is will my credit go down that much and if I decide to voluntary repo? I'm currently at 650. If I can't get a FHA loan what are my options for buying a home with a repo on my credit ...
- 49
1
vote
1
answer
281
views
How to get a mortgage with low income but good assets
I have low income about $50,000 a year since divorce. But I am about to sell my house for $2 million, and possible gain about $1M profit. I can put a down payment of $300,000 to down size to a house ...
- 81
1
vote
1
answer
479
views
How to calculate the payments going into interest and principal on a reverse amortization loan?
I'm trying to figure out the relative amount of the payments that are going towards interest and principal each period with a loan in which you pay more towards principal in the beginning and have it ...
0
votes
1
answer
587
views
What is serviceable income factor and how its use in calculation?
I want to borrow a loan.Loan for 25 years and 3.75% is interest rate.I have calculate a surplus amount but I can't understand Serviceable Income Factor and Interest Rate Buffer.
salary=4000; // ...
- 81
3
votes
4
answers
860
views
Looking to buy a property that's 12-14x my income. How can it be done?
I currently have insignificant income due to the fluctuations of my line of work -- entrepreneurship.
I do not have any steady income and can't guarantee minimums always -- but I have done some ...
1
vote
1
answer
367
views
How to buy a flat with a loan from NRI friend
I am intending to buy a flat worth 60 laks rupees in India, I am an Indian Citizen. I have 35 laks rupees in my bank (sale proceeds of a flat) and I want to fund the remaining 25 laks as;
15 laks ...
- 11
0
votes
1
answer
2k
views
Effective interest rate for mortgage loan
I'm currently deciding between taking loan with down payment and no down payment. To get behind the idea, I read a case study from a finance textbook.
I get the basic math and understand concept of ...
- 103
3
votes
2
answers
220
views
Pay off taxes with new home loan
Bought our home for 230k in 2010. It will now sell for 390k. We are interested in buying our "dream home", which is 520k.
At this time we have $6k in owed taxes. Is it possible during the sale of ...
- 133
9
votes
2
answers
3k
views
What is the formula for calculating the total cost of a loan with extra payments towards the principal?
If I have a 30 year mortgage of $200,000 with an APR of 4.446% I can calculate how much my monthly payment will be and how much the total cost of the loan will be.
But what if I have an extra $200 to ...
- 91