What would be my mortgage payments on $160,000 home (interest only/Conventional 30 year fixed)?

I want to purchase an investment hoem, it is offered to me at $160,000. I have excellent credit (credit score of 798). I plan on flipping this home, it is located in the detroit area. I can afford to put down 10%. what would my mortgage payments be per month please give interest only payment and a conventional 30 year fixed payment.

Thanks!

What interest rate?

Currently at 5.25% that would run about $700

http://finance.yahoo.com/rates/result?t=...

10% down on a $160,000 house leaves you with a $144,000 mortgage.

30 years @ 5.5% * $144,000 = $817.62/month.
The interest paid on the first payment is $660, with $157.62 going to principal.

Tags

　　Investment Trading 　　Investment Strategy 　　Investment Services 　　Investment Portfolio 　　Investment Plan 　　Investment Performance 　　Investment Options 　　Investment Opportunity 　　Investment Manager

Related information

We are a family of 5 and self employed. We went into foreclosure in 2006?

Sell and the TAXES will kill you. Time to talk to a lawyer

...

Help a newbie buy stocks! An intro and guide needed on the Stock Market.?

The cheapest US brokerages I know of are Zecco (www.zecco.com) and tradeking (www.tradeking.com). Neither will charge you a fee for holding an account open or have a minimum balance, and charge com...

Debt and saving?

Start saving now... but make the credit cards your priority. Grad shool is only a good idea if it fits within a good financial plan. Don't enter grad school with credit card debt... it wil...

Buying a new house and rent out the current one?

If these properties are far enough apart, you can treat them as your first and second homes. Then the entire mortgage interest could be deductible, subject to limitations and requirements. If o...

I want to build a simple, functional, house.?

I can't really help you with a business plan, but if you visit this home plan website you might find some helpful info in the resource section. They have articles about the benefits of buildin...

I think im going to buy a property in a few years (im 18)?

ok...im glad for you...

...

I want to rent my current house out and buy a rental.?

I'm not sure about a firm answer to your question, but there are a couple of things you need to consider: 1. Your first step is to visit a reputable lender to see what you can qualify for i...

How can I ask an investor for money without revealing my idea so he can't steal it?

You need to have this person sign a confidentiality agreement or an non-disclosure agreement. These are standard business agreements. This person will more than likely be familiar with documents li...