I huge 9% Interest on my home loan. About how big would my interest be on a commercial mortgage of $85,000?
OK i don't remember all the steps for the math but its (general easy way not exact) 9 times 9( the cost of the house rounded up)=18000 divided by 12 months=1,500 per month so talk that from what the house payment is 1500-900=600 over 30 years then it means that for quite some time you wont even be paying anything on the actual house probably for at least 15 yrs or so because they calculate it the same way each month over and over not just here it is and it goes that way its redone so think about it and it will make you sick and you wont want to do it lol but the Realtor can explain it better than i can good luck
Commercial loans are worse. You might be better off checking to see what a home loan refi would get you (or even by calling around and seeing what you can get on credit cards as long as you NEVER make a late payment and have good credit).
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