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Loan origination fee and discount points: $1,000.00 Plus monthly payment of $599.55 multiplied by 24 months: $14,389.200 Equals total payment: $15,389.20 Minus total paid toward principal: $2,531.75 Equals total cost of loan: $12,857.45

Here are the numbers for the 30-year, interest-only loan at 5 percent:

Loan origination fee and discount points: $1,000.00 Plus monthly payment of $416.67 multiplied by 24 months: $10,000.008 Equals total payment: $11,000.08 Minus total paid toward principal: $0.00 Equals total cost of loan: $11,000.08

If you’ve ruled out interest-only loans because you think you’ll save money by paying down the principal, the numbers compel you to reconsider. With the traditional mortgage, you’re not only paying more than $180 more every month, but by the time you sell the house, you’ve paid $1,800 more for the privilege of borrowing the money!

To secure investment capital for flipping properties, you need to know where to look. Obvious sources, such as banks, may be a little reluctant to loan money to a novice for investing in real estate, so you may need to poke around to find willing lenders and investors. The following sections show you where to start looking. Your agent can also help steer you toward lenders.