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Updated almost 3 years ago,
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