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sorry just noticed this now
I would use that same calculator use it to determine his monthly payment and what the balloon balance will be
let me know what you get
what would I put in for the years??
25 because of the "25/9"
"25/9" means you have a 25 yr mortgage but the balloon payment hits right after year 9
ok that helps a lot!
what monthly payment do you get
I got 3,219.10 but it's the same every month and I thought it was supposed to change
you're thinking of an ARM
Im so confused...
ARM = adjustable rate mortgage
what is the remaining balance in June 2024 ?
you pay 9 years worth of monthly payments of $3,219.10 (3,219.10 per month)*(12 months per year)*(9 years) = 347,662.80
Then you add on the remaining balance because that's the balloon payment
and the remaining balance I would be on June of 2024 right?
yeah the remaining balance there
ok, the answer I got is $721,295.54 but that's not an option. it's close to one but not exact. now what?
you pay 9 years worth of monthly payments of $3,219.10 (3,219.10 per month)*(12 months per year)*(9 years) = 347,662.80 then add on the remaining balance for june 2024 (principle+interest) + (balloon payment) = (347,662.80)+(373,643.54) = 721,306.34
You are a life saver my friend!!! None of my teachers could have explained it to me the way you have! Thank You So Freaking Much!!! :D