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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
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Interest Rate Factors Per $1,000 |
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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 |
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4 ¼ |
7.52 |
4.92 |
8 ¼ |
9.70 |
7.51 |
|
4 ½ |
7.65 |
5.07 |
|
9.85 |
7.69 |
|
4 ¾ |
7.78 |
5.22 |
8 ¾ |
9.99 |
7.87 |
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5 |
7.91 |
5.37 |
9 |
10.14 |
8.05 |
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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 |
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6 ¼ |
8.57 |
6.16 |
|
10.90 |
8.96 |
|
6 ½ |
8.71 |
6.32 |
10 ½ |
11.05 |
9.15 |
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6 ¾ |
8.85 |
6.48 |
10 ¾ |
11.21 |
9.33 |
|
7 |
8.99 |
6.65 |
11 |
11.36 |
9.52 |
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7 ¼ |
9.13 |
6.82 |
11 ¼ |
11.52 |
9.71 |
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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.
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An Example |
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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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