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- Home price$
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The real cost of a private / 2nd mortgage
Private loans are usually interest-only for 6-12 months, with lender, broker, legal and appraisal fees. Put it all together to see the true cost.
Effective annual cost, fees included
17.39%
Advertised rate 10.99%
- Interest-only monthly paymentPaid each month until maturity$916
- Interest over 12 months$10,990
- Total fees$6,400
- Total cost$17,390
- Principal due at maturityRepay, renew, or move back to a bank at maturity$100,000
What moving back to a bank saves
About $458 less per month, $5,490 a year. The sooner you rebuild credit and move back, the better.
Fee levels reflect common public figures; rely on written quotes from the lender and lawyer, and ask for every fee to be itemized before signing.