# How much would payments be on a \$40000 loan?

How much would the mortgage payment be on a \$40K house? Assuming you have a 20% down payment (\$8,000), your total mortgage on a \$40,000 home would be \$32,000. For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a \$144 monthly payment.

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## Simply so, can I afford a 50k car?

Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make \$50,000 a year, you should not spend more than \$25,000 for a car(s).

Also know, how does the 40000 loan work? A government guaranteed loan to a maximum of \$40,000 to help eligible businesses with operating costs, with the following terms: The loan is interest free, and 25% (i.e., \$10,000) of the loan is eligible for loan forgiveness if 75% (i.e., \$30,000) has been fully repaid on or before December 31, 2022.

## Hereof, how long will it take to pay off 40k in student loans?

The extended repayment plan gives borrowers up to 30 years to repay their loans in full, depending on the amount owed.

Loan balance Repayment term
\$20,000 to \$39,999 20 years
\$40,000 to \$59,999 25 years
\$60,000 or more 30 years

## How much is a 25k car payment?

Your new loan amount would be \$25,000, your monthly payment would be \$452, and you’d pay \$2,113 in total interest charges.

## How much should you put down on a \$12000 car?

“A typical down payment is usually between 10% and 20% of the total price. On a \$12,000 car loan, that would be between \$1,200 and \$2,400. When it comes to the down payment, the more you put down, the better off you will be in the long run because this reduces the amount you will pay for the car in the end.

## Is 40k too much for college?

Several told me a rule of thumb is that total undergraduate borrowing should be limited to what you might expect to make your first year after graduation. By that measure, many college graduates seem to be doing well: Average debt is about \$37,000 and first-year salaries are close to \$40,000, on average.

## Should I just pay off my student loans?

Yes, paying off your student loans early is a good idea. … Paying off your private or federal loans early can help you save thousands over the length of your loan since you’ll be paying less interest. If you do have high-interest debt, you can make your money work harder for you by refinancing your student loans.

## What credit score do I need for a \$50000 loan?

For a loan of 50k, lenders usually want the borrower to have a minimum credit score of 650 but will sometimes consider a credit score of 600 or a bit lower. For a loan of 50k or more, a poor credit score is anything below 600 and you might find it difficult to get an unsecured personal loan.

## What is the monthly payment on a \$40 000 student loan?

\$40,000 In Student Loan Debt

Loan Balance \$40,000
Loan Term 10 Years
Monthly Loan Payment \$460.32
Number of Payments 120
Cumulative Payments \$55,238.63

## What is the monthly payment on a 40000 car loan?

“Monthly payments on a \$40k car loan are usually around \$1000. However, this will vary based on: the length of the loan. the interest rate of the loan.