All Forum Posts by: Aaron Sauer

@Wayne Brooks - Is there a formula or table somewhere to figure out the percentage of principal remaining at certain periods of amortization? I see a lot of calculators based on amount remaining, but have yet to find an easy percentage based model.

Let's say someone has an interest only line of credit secured by investment property, and that line has a $100k limit at 5% (using round numbers for easy math).  Bank pays closing costs for the LoC, but borrower is required to pay them back if he closes the line of credit before 2 years.  LoC has a 10-year draw period, and is then converted to a 10-year loan.

Now, let's say the borrower decides to take $10k out.  If the first payment made on the line, during the interest-only period, is $5500 ($500 to interest - $5000 to principle) will the remaining monthly interest payments be recalculated according to the new loan balance of $5000, or would monthly interest still be the same $500 as original?

Skype to see the damage, bring common sizes of materials and quick drying 20 minute mud, get three coats on and sanded in one day. May even be able to prime and paint, or have owner hire a painter.

Why not just screw new drywall in place, and wait to have your drywall guy mud it until the leak is surely repaired?  Measure the existing drywall (it will be 3/8", 1/2", or 5/8") and head to Home Depot or Lowes.  They sell 2'x2' pieces of drywall.  Get the same thickness you measured.  Use a keyhole saw to find the ceiling joists nearest the hole.  Measure the distance.  Cut the new drywall patch 1.5" bigger (just score the paper with a utility knife, snap the board at the line, and cut thru the tape on the other side).  Hold it over the patch area and trace its outline on the damaged ceiling.  Cut out the area to be replaced with keyhole saw and utility knife.  Fasten with slightly countersunk 1 5/8" coarse thread drywall screws.  Enjoy your savings and aesthetically pleasing (well, more than a trash bag at least) patch!