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#1
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Loan with Draw Amounts
I have a question about a loan with draws.
I want to borrow $100,000 with four draws of $25K at 3 month intervals ($25k now, $25K more in 90 days etc.). The interest rate is 6%. Repayment starts in 12 months. It is repayable over 5 years. I can't find any loan calculators that will help me with this. Any thoughts would be greatly appreciated. Sincerely, huber57 |
#2
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Loan with Draw Amounts
perhaps start at the 1 year point with the total amount equal to the
amount borrowed plus the accrued interest. that amount would be the $100,000 + (6%*100,000)+ (4.5%*75,000)+ (3%*50,000)+ (1.5%*25,000) or $100,000+ 6,000+3,375+1,500+375 OR $111,250 as the loan amount to be repaid at 6% over your 5 years. Huber57 wrote: I have a question about a loan with draws. I want to borrow $100,000 with four draws of $25K at 3 month intervals ($25k now, $25K more in 90 days etc.). The interest rate is 6%. Repayment starts in 12 months. It is repayable over 5 years. I can't find any loan calculators that will help me with this. Any thoughts would be greatly appreciated. Sincerely, huber57 |
#3
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Loan with Draw Amounts
Your bank is too expensive, I think.
Try this PMT(0.06,5,-1*25,000*(4+0.06*(4/4+3/4+2/4+1/4)),,1) Your amount to repay after 1 year is 103,750 and the yearly payment 23,235.73 Junge "Bob I" skrev i en meddelelse ... perhaps start at the 1 year point with the total amount equal to the amount borrowed plus the accrued interest. that amount would be the $100,000 + (6%*100,000)+ (4.5%*75,000)+ (3%*50,000)+ (1.5%*25,000) or $100,000+ 6,000+3,375+1,500+375 OR $111,250 as the loan amount to be repaid at 6% over your 5 years. Huber57 wrote: I have a question about a loan with draws. I want to borrow $100,000 with four draws of $25K at 3 month intervals ($25k now, $25K more in 90 days etc.). The interest rate is 6%. Repayment starts in 12 months. It is repayable over 5 years. I can't find any loan calculators that will help me with this. Any thoughts would be greatly appreciated. Sincerely, huber57 |
#4
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Loan with Draw Amounts
On May 23, 7:23 am, Huber57 wrote:
I want to borrow $100,000 with four draws of $25K at 3 month intervals ($25k now, $25K more in 90 days etc.). The interest rate is 6%. Repayment starts in 12 months. It is repayable over 5 years. I think the answer depends on the term of the line of credit during the draw period. Usually, you must make at least interest-only payments during the draw period. Are you saying that you can get away without making any payments during the draw period(!)? Assuming you must make interest-only payments during the draw period, and assuming that eventually you borrow the full $100,000, I believe that at the end of the 1-year draw period, you will have a standard loan of $100,000 at 6% over 5 years. If payments are monthly, I believe the approximate payment would be: =pmt(6%/12, 12*5 , -100000) During the draw period, I presume your minimum (interest-only) monthly payments will vary with the amount drawn: 1st 3 months: =25000*6%/12 2nd 3 months: =50000*6%/12 3rd 3 months: =75000*6%/12 4th 3 months: =100000*6%/12 If you do not have to make at least interest-only payments during the draw period(!), you might simply add that accumulate interest ($3750) to the principal for the 5-year loan. But I suspect the unpaid interest would compound during the draw period. Again, check the terms of the line of credit. |
#5
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Loan with Draw Amounts
Oopsie! Reversed the amounts of the draw.
Junge wrote: Your bank is too expensive, I think. Try this PMT(0.06,5,-1*25,000*(4+0.06*(4/4+3/4+2/4+1/4)),,1) Your amount to repay after 1 year is 103,750 and the yearly payment 23,235.73 Junge "Bob I" skrev i en meddelelse ... perhaps start at the 1 year point with the total amount equal to the amount borrowed plus the accrued interest. that amount would be the $100,000 + (6%*100,000)+ (4.5%*75,000)+ (3%*50,000)+ (1.5%*25,000) or $100,000+ 6,000+3,375+1,500+375 OR $111,250 as the loan amount to be repaid at 6% over your 5 years. Huber57 wrote: I have a question about a loan with draws. I want to borrow $100,000 with four draws of $25K at 3 month intervals ($25k now, $25K more in 90 days etc.). The interest rate is 6%. Repayment starts in 12 months. It is repayable over 5 years. I can't find any loan calculators that will help me with this. Any thoughts would be greatly appreciated. Sincerely, huber57 |
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