Fill out all the fields in the loan calculator, except the $ Borrowed
Click the "Compute" button
What will my payments be if I borrow a certain amount?
Fill out all the fields in the loan calculator, except the $ Payment
Click the "Compute" button
What interest rates should I use?
If
you are pre-qualified at a bank, you should use the rate you were
quoted in the loan calculator. You could also go to the websites of
various banks and see what they are lending at.
Interest rates
vary a lot, depending on your credit rating, whether you will live on
the property you are financing, and the rate your selected bank is
willing to loan at. In general, fixed rates tend to be roughly a
percentage or two above the prime rate for a 30 year Treasury Bill, if
you have excellent credit. Floating rates will adjust regularly (often
annually) according to changes in the shorter Treasurey Bill rates.
Always check with your banker for exact rates.
