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knightmelissa Asked:

On a regular 30 yr. fixed mortgage, at 6.75%, how does the lender come up with a payment of 900something (before taxes and ins.) on a $157K loan? I know I'm figuring it out wrong, but I would really like to know how it's done, so I can figure it out myself. [Murfreesboro TN]

08/19/2008

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Answer Provided by: Susan Hufford [08/20/2008]
 

Well, actually, I use a mortgage calculator. I can try to find a factor per thousand for you if you'd like. I just need your information - email, phone, etc. I've done the calculations and come up with this: on a 30 yr fixed, 6.57%, $157k l/a p&i is 1018.30 but with interest only the" payment" would be $883.13. My guess is that you were quoted an interest only payment. Susan Hufford loan officer Midtown Mortgage cell: 615-330-5373 office: 615-383-1640 email: susan@midtowntn.com