- April 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Confusion Surrounding Interest Rates
Many individuals frequently discuss interest rates, whether online or in person, often mentioning specific percentages like 5%. However, there is often ambiguity surrounding whether these rates are expressed on a monthly or yearly basis. This lack of clarity can lead to confusion and misinformation, especially when individuals reference interest rates in contexts such as VA home loans.
When individuals mention interest rates without specifying the time period, it can be challenging to decipher the exact terms of the loan or financial agreement. Understanding the difference between monthly and yearly interest rates is crucial for making informed financial decisions.
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Yearly is the default.
APY = Annual Percentage Yield.
APR = Annual Percentage Rate.
Payday loan places may talk monthly interest. No one else.
If you hear monthly interest RUN.
5% is your annual %. That said, the calculation for principle and interest is lengthy (best to look at your amortization schedule in your signed loan package or ask your broker)
Your APR is the rate when taking into account financed fees such as your VA funding fee.
Equation:
To calculate the fixed monthly payment (P) required to fully amortize a loan of L dollars over a term of n months at a monthly interest rate of c. [If the quoted rate is 5%, for example, c is .05/12 or .0041666].
P = L[c(1 + c)n]/[(1 + c)n – 1]
If anyone is trying to sell you on a monthly interest rate, it’s because they know the annual rate is too high for you to even consider it
Rates are calculated based on the term you chose.
For example, a 30YR rate of 5% on a 200k VA financed balance = has roughly 186,000 in interest on the life of the loan.
A second payment made every month is allocated directly to principal. Should the veteran pay per say $200/month every 15th, they’re effectively paying their house down faster while reducing residual interest on the life of the loan by $61,200 and reducing the term by 8 years and 8 months.
If you’d like to learn more happy to teach. Just DM me