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Thread: Impact of interest rate change on monthly bank loan repayment

  1. #1
    Newbie
    Join Date
    Apr 2009
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    Default Impact of interest rate change on monthly bank loan repayment

    Any experts can advise wat would be extra that i would have to pay if interest rate increase by 1%, assuming i take up a loan of $1mil?

  2. #2
    Newbie Alan Shearer's Avatar
    Join Date
    Aug 2008
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    Default

    Around 500, depends on term.

    Google 'using the loan amortization'

  3. #3
    Newbie
    Join Date
    Nov 2008
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    Default upswing

    Remember that interest rate could go up not by 1% but maybe 3%! over the next few years.

  4. #4
    Junior
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    Dec 2008
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    Quote Originally Posted by Localite
    Remember that interest rate could go up not by 1% but maybe 3%! over the next few years.
    die! die! fire sale fire sale!!!

  5. #5
    Newbie
    Join Date
    Nov 2008
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    Default Relax

    Quote Originally Posted by august
    die! die! fire sale fire sale!!!
    But it will be long long before the fire sale is caused by int rate rocketing.

    I was just cautioning those looking to plan based on their income vs interest rate.

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