How much is the monthly payment on a 2,000,000 loan at 6% over 30 years and is that a good deal?

ANSWER

Expert Matthew Peterson's Answer:

The monthly payment on a 30 year loan with principal of $2,000,000 at 6% interest is ~$11,990. I am assuming based on the term that we are analyzing a residential mortgage. Currently (as of 09/29/11), a 30 year fixed jumbo mortgage can be entered into (depending on lendor/lendee requirements/qualifications) at a rate around 4.8%. Depending on the qualifications of the lendee, the 6% rate could be the best available due to the heightened lending standards of financial institutions in recent years. It would be best to shop around with various creditors to determine how good a deal this actually is.

Matthew Peterson, CPA

Washington

4 yrs experience

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