How do you calculate a smart loan,bullet loan, and Interest-only loan?

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With the given info

25,000,000$ Loan
6.8% APR

For a smart loan it says a mortgage payment is made every 2 weeks for half of the monthly mortgage. (Note: Using 30 year traditional mortgage)

For the bullet loan it just says there is a 5 year bullet. The mortgage is for 30 years.

For the interest-only it says 10 years with an APR of 3.9%

Any help is much appreciated.

We have a FHA loan and we know we are required to pay escrow but for the next few months we will not have enough for both the note payment and the interest. Could we go into foreclosure for only paying the principle and interest and can the mortgage company refuse to accept the payment?

5 Comments
  1. Reply
    Judy
    February 5, 2011 at 10:32 pm

    No matter what loan you choose, your fixed rate mortgages will be your best bet. Go Traditional!

  2. Reply
    nkroadcaptain
    February 5, 2011 at 10:54 pm

    Yes.

    You’d better get hold of your mortgage company and explain the cash shortfall.

  3. Reply
    golferwhoworks
    February 5, 2011 at 11:49 pm

    yes as your not in full payment will go into suspense until you make it current. Partial payments are not acceptable

  4. Reply
    I Buy And Sell Houses
    February 6, 2011 at 12:05 am

    Yes.

    Contact your lender and ask for a forebearance.

  5. Reply
    Oh Wise One
    February 6, 2011 at 12:58 am

    I think you are misusing the term escrow. Do you have an impound account is that what you’re referring to? An impound account is where your total payment goes into an account for your principal, interest and property taxes?

    I’d call your lender to find out what the penalties were for not paying the property taxes that month.

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