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Rayburn Financial Advisory Services, LLC

Contact Info

Rayburn Financial Advisory Services, LLC
Securies Branch Office 804 W Benton St.
Wapakoneta, OH 45895
Map and Directions

Phone: Wapakoneta Securites Branch Office Phone # 419-738-5144 Cell Phone # 419-236-0100 Napoleon Insurance Office (Rayburn Financial Group) 618 N. Perry St., Napoleon, OH 43545 Phone # 419-592-9501

Fax: Wapakoneta Securies Branch Office Fax # 888-239-0223 Napoleon Insurance Office Fax # 888-239-0223

crayburn@moneyfoundation.org

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Printed from: www.rayburn-fin-svcs.com
  • Rayburn Financial Advisory Services, LLC
  • Securies Branch Office 804 W Benton St., Wapakoneta, OH 45895
  • Wapakoneta Securites Branch Office   Phone # 419-738-5144   Cell Phone # 419-236-0100       Napoleon Insurance Office   (Rayburn Financial Group)  618 N. Perry St., Napoleon, OH 43545  Phone # 419-592-9501     | crayburn@moneyfoundation.org

Loan Payoff

What’s the True Cost of the Loan You Are Considering?

Keep in mind that interest rates will vary depending on the product (house, boat, car, etc.) and your credit rating.

Borrowing money can be an expensive proposition. Even at relatively low interest rates, you may be surprised at the amount of interest you pay over the life of a loan. This calculator is designed to help you estimate the true cost of that loan you may be considering.

 

Your Results

The results below show the monthly payment amount, the interest cost, and the potential tax savings (if the interest on your loan is tax deductible) for the loan you are considering. It may surprise you to learn that for a long-term loan, such as a 30-year mortgage, you could pay more in interest over the life of the loan than you originally borrowed. For example, if you borrow $100,000 at 6% over a 30-year period, you would pay $115,838 in interest — more than the amount you initially borrowed — bringing the total pay-back amount to $215,838.

Original loan amount: $0.00
Term of the loan (in months): 0.00
Monthly payment: $0.00
Total interest payments: $0.00
Assuming the interest is tax deductible, your tax savings would be: $0.00

This chart shows how much the balance of your loan will be over the time period you are making payments. You’ll see that in the early years of the loan, the principal you owe is reduced more slowly than in the later years of the loan. The longer the loan, the more dramatic this effect is. This is because in the early years, a greater portion of your payment goes toward interest on the balance of the loan; as the balance of the loan is reduced, the interest accrued each month is reduced, and more of your payment amount is credited to the loan principal.

Loan Balance Over Time

 

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2019 Emerald Connect, LLC. All Rights Reserved.

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Contact Info

Rayburn Financial Advisory Services, LLC
Securies Branch Office 804 W Benton St.
Wapakoneta, OH 45895
Map and Directions

Phone: Wapakoneta Securites Branch Office Phone # 419-738-5144 Cell Phone # 419-236-0100 Napoleon Insurance Office (Rayburn Financial Group) 618 N. Perry St., Napoleon, OH 43545 Phone # 419-592-9501

Fax: Wapakoneta Securies Branch Office Fax # 888-239-0223 Napoleon Insurance Office Fax # 888-239-0223

crayburn@moneyfoundation.org

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Securities and investment advisory services offered through H. Beck, Inc., member FINRA/SIPC and a SEC registered investment advisor.  Rayburn Financial Advisory Services, LLC and Rayburn Financial Group are not affiliated with H. Beck, Inc.

Clifford  Rayburn is licensed to sell securities in Ohio, Arizona, &  Kansas and  also licensed to sell insurance in Ohio & Michigan.  This website is to be a solicitation of business in only these states.

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