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.
|
Interest Rate Factors Per $1,000 |
|||||
|
Interest |
Term |
Term |
Interest |
Term 15 Years |
Term |
|
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.
I am providing this information as a guide. If you have any questions or concerns drop me a line at Frank@kw.com
Happy Home Shopping
