HOW MUCH CAN YOU AFFORD?

Use the following to chart to determine your monthly principal and interest payments at various interest rates for either a 15 or 30-year term.  Or use the calculator

 

Interest Rate Factors Per $1,000

Interest
Rates

Term
15 Years

Term
30 Years

Interest
Rate

Term

15 Years

Term
30 Years

4

7.40

4.77

8

9.56

7.34

4 ¼

7.52

4.92

8 ¼

9.70

7.51

4 ½

7.65

5.07

8 ½

9.85

7.69

4 ¾

7.78

5.22

8 ¾

9.99

7.87

5

7.91

5.37

9

10.14

8.05

5 ¼

8.04

5.52

9 ¼

10.29

8.23

5 ½

8.17

5.68

9 ½

10.44

8.41

5 ¾

8.30

5.84

9 ¾

10.59

8.59

6

8.44

6.00

10

10.75

8.77

6 ¼

8.57

6.16

10 ¼

10.90

8.96

6 ½

8.71

6.32

10 ½

11.05

9.15

6 ¾

8.85

6.48

10 ¾

11.21

9.33

7

8.99

6.65

11

11.36

9.52

7 ¼

9.13

6.82

11 ¼

11.52

9.71

7 ½

9.27

6.99

11 ½

11.68

9.90

7 ¾

9.41

7.16

11 ¾

11.84

10.09

 

  1.      Find the appropriate interest rate from the chart above.

  2.      Look across the column to the appropriate term to determine your interest rate factor. 

  3.      Multiply the interest rate factor by your loan amount in $1,000s.

An Example

Interest Rate = 6 ½

Desired term = 15 years

Interest rate factor per $1,000 = 8.71

Mortgage = $200,000

Monthly Principal & Interest = $1,742 (8.71 x 200)

 

Add your monthly insurance premium and your property tax to your principal and
interest to determine your total monthly payment.

We are providing this information as a guide. We strongly  recommend that you contact
a mortgage specialist
.

 

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