Principal payment

[babbles]

I have a loan with NMAC.  7.25% @ $583p.m.  60 mo.  About how much will go to principal each payment?  Haven't made a first payment yet. 

[MarineVietVet]

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@babbles wrote:

@I have a loan with NMAC.  7.25% @ $583p.m.  60 mo.  About how much will go to principal each payment?  Haven't made a first payment yet. 

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You didn't put the loan amount but it should be about $29,268.01. With those terms the principal on the first payment will be $406.17.

10th payment                                    $ 428.80

20th payment                                    $ 455.42

30th                                                   $ 483.70

40th                                                   $ 513.73

50th                                                   $ 545.62

60th                                                   $ 579.50

I think this is right. I bet if it's wrong I'll soon find out.  LOL

[babbles]

thanks for the quick reply!

[JagerBombs89]

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@MarineVietVet wrote:

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@babbles wrote:

@I have a loan with NMAC.  7.25% @ $583p.m.  60 mo.  About how much will go to principal each payment?  Haven't made a first payment yet. 

---

You didn't put the loan amount but it should be about $29,268.01. With those terms the principal on the first payment will be $406.17.

10th payment                                    $ 428.80

20th payment                                    $ 455.42

30th                                                   $ 483.70

40th                                                   $ 513.73

50th                                                   $ 545.62

60th                                                   $ 579.50

I think this is right. I bet if it's wrong I'll soon find out.  LOL

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These numbers are sound.  Ran it through BankRates Amortization table.  Also, you will pay a total of $5,711.99 in interest in case you are wondering.

[MarineVietVet]

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@JagerBombs89 wrote:

 

These numbers are sound.  Ran it through BankRates Amortization table.  Also, you will pay a total of $5,711.99 in interest in case you are wondering.

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Thanks for the feedback. Math was never my favorite and certainly not my best subject. And thanks for adding the the total interest to be paid. I completely forgot about that.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".