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!

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

  1. 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.

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