Do you need to use a hard money loan calculator?
We can help you figure out what your payments would be if you were to take out a hard money loan – and you can do it without a pre-made calculator. (Really, it’s easy!)
Hard Money Loan Calculator: Figuring the Old-Fashioned Way
As long as you know how to calculate a loan payment, you can create a budget that keeps you on the right track (and helps to ensure that you’re not overextending yourself).
The formula for calculating your loan payments looks more complicated than it is, but it’s still going to take you a few minutes to figure out.
The formula for a hard money loan calculator is:
M = P * ( J / ( 1 – ( 1 + J )ˉᶰ))
You’ll need to know:
The amount of money you need to borrow (the principal)
The effective interest rate (you can call us to find out about our hard money loan rates)
The number of payments you will make
If you’re not good with math, that’s okay – you can simply call us at 404-814-1644 and talk to us about your needs. We’ll be able to tell you exactly what terms we’re able to offer you and what your monthly payments will look like.
Because every loan is different, it’s hard to rely on the results you’ll get from an online hard money loan calculator anyway. There’s no one-size-fits-all number you can plug into a formula – your results will vary based on the length of time you need to repay the loan, whether you’ll be rolling the loan into a traditional mortgage and how much you’ll actually need to borrow.
Do You Need a Hard Money Loan in Atlanta?
We’ll make it easy (no […]