an someone help

[Nick Campanella]

Im looking to do a BRRRR strategy on this property

Price: 390,000

ARV: 660,000

repairs: (my dads a contrator) 40,000

that totals up to : $430,000

I got a hard money lender to agree to give me 429,000

the problem is although he is a friend he wants 15% and 5 pts 

Can someone calculate that for me to see how much im gaininig or losing I dont understand the numbers

[Pat McCandless]

the 15% is the annual interest-only payments on the loan amount.  So 15% on 429K is $64,350.  Divide that by 12 (months in a year) and your monthly loan payments are $5,362.50.  Now you need to determine how long it will take until you Refi to see how long you will need to make those high-interest payments.  The 5 points are 1% of loan amount per point, so another 5% on top of that is $21,450.  If it took you a whole year from purchase to Refi, you would essentially pay 64,350 + 21,450 = 85,800 in interest (yikes!).  If it only took you 6 months, your total interest payment on the loan would be cut to 53,625.