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TFCU-Mini Home Loan-Fixed-Dumb ??!!
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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TFCU-Mini Home Loan-Fixed-Dumb ??!!
I know this sounds dumb but it the calculations just don't seem right:
I see they have a mini home equity fixed loan. The % is 6.75 for 5 years. If I wanted to borrow $40,000 would that mean it would only be $270/month? It doesn't seem to be enough for that short of time.
Thanks!
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Posted 5/18/07 12:20 PM  |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: TFCU-Mini Home Loan-Fixed-Dumb ??!!
that is way too little...it should be more like $780 a month
maybe that is interest only and a ballon payment at the end
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| Posted 5/18/07 12:24 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: TFCU-Mini Home Loan-Fixed-Dumb ??!!
Posted by Lisa
that is way too little...it should be more like $780 a month
maybe that is interest only and a ballon payment at the end
That sounds more like it. Thanks!
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| Posted 5/18/07 12:25 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: TFCU-Mini Home Loan-Fixed-Dumb ??!!
Posted by hazeleyes33
I know this sounds dumb but it the calculations just don't seem right:
I see they have a mini home equity fixed loan. The % is 6.75 for 5 years. If I wanted to borrow $40,000 would that mean it would only be $270/month? It doesn't seem to be enough for that short of time.
Thanks!
is it interest only? If its interest only, thats accurate.
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| Posted 5/18/07 12:32 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: TFCU-Mini Home Loan-Fixed-Dumb ??!!
Posted by Meaghan729
Posted by hazeleyes33
I know this sounds dumb but it the calculations just don't seem right:
I see they have a mini home equity fixed loan. The % is 6.75 for 5 years. If I wanted to borrow $40,000 would that mean it would only be $270/month? It doesn't seem to be enough for that short of time.
Thanks!
is it interest only? If its interest only, thats accurate.
I don't know. I will have to look into that.
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| Posted 5/18/07 12:33 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: TFCU-Mini Home Loan-Fixed-Dumb ??!!
could it be fixed for 5 years? and then the length of the rest of the loan is variable?
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| Posted 5/18/07 1:01 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: TFCU-Mini Home Loan-Fixed-Dumb ??!!
I just did the calculations at work...The payments should be approx $787 per month.
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| Posted 5/18/07 1:26 PM |
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