Updated over 3 years ago on . Most recent reply
PML Calculation for Interest payments and Payoff needed
I'm about to close a deal with a PML for $150,000, 12%, and 2 points. I'm going to pay interest only for 6 months and then a balloon payment of the balance on the 7th month (after I'm able to refinance with a traditional loan). Can anyone tell me what the Interest only payments would be each month and the balloon payment of the balance due in the 7th month? I appreciate your help!! Thank you!! Gail