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Anonymous
Example of intended borrowing principal $375,000
Looking at 10 year loan
First 5 years, 1.5% p.a.
Next 5 years, FHR24 + 0.90% p.a. (all-in 1.80% p.a.)
How do I find out a more accurate monthly instalment for this loan?
I tried using online calculators but was only able to generate a fixed rate for 10 years, so the monthly instalments are not accurate.
Please help! Thank you very much!
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Jiayee
21 Oct 2020
Salaryman at some company
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I have not gotten a loan so I may be wrong:
Your problem may be solved if you use a calculator which can also show you the outstanding loan balance after each month.
First, punch in the figures for your first loan. Look for the outstanding balance at the end of the 5th year then use that outstanding balance as the new loan amount for your second loan.
All the best.