Updated over 2 years ago on . Most recent reply
Calculating Private Lending Payments
Are there any tools I can use to figure out what my payments would be based on different private lending scenarios? Essentially is I borrowed 80k from a private lender I want to know how to figure out what my payment would be based on a certain percentage rate but also if it was interest only can PI.
TIA
Most Popular Reply
There are calculators you can buy or buy in app store. I recently reviewed and highly recommend the In A Day Development 10bii calculator for these types of calculations. You can get it for Android or iPhone.
Many private loans are interest only so no fancy calculators needed. For example, you borrower 80k and pay 10% then you will pay $8000/year or $8000/12 per month. But if you start buying seller finance notes or institutional notes you will need a calculator.