# IF i OWED \$58,000 WITH 4.875 INTREST?

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how long would it take to pay off in two years? I’m Thinking about buying a small home. I did it by Calculator but I don’t know how to factor in the interest because by the time i made the monthly payment only so much goes to principal so trying to factor the payment and principal for a two year loan

4 Thoughts on IF i OWED \$58,000 WITH 4.875 INTREST?
Overnight
July 29, 2013 at 6:28 am

I don’t understand your question… “How long would it take to pay off in two years”?

Umm.. 24 months… 730 days… 104 weeks…

Not sure what you’re looking for here hoss.

You’re looking at payments of about 2,550.00 a month though to pay off that amount in that time frame.

spike101x
July 29, 2013 at 6:47 am

Do you mean what would be your monthly payment?

Not including closing costs and insurance= \$ 2,541.29 per month for two years.

SGT V
July 29, 2013 at 7:30 am

2 years. You ask “if I owed \$ 58k with 4.875 interest how long would it take to pay off in two years”. Question asked and answered by you. I believe the question was meant to be how much would you have to pay monthly. According to the link below it would cost you \$ 2,541.29 a month not including taxes, and homeowners insurance.