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How Much Home Can You Afford?

Use the chart below to determine your monthly principal and interest payments at various interest rates for either a 15- or 30-year term. If you have questions - contact Nancy today.

For more information about the buying process, click here.

Interest Rate Factors Per $1000

Interest

Rate

Term

15 Years

Term

30 Years

Interest

Rate

Term

15 Years

Term

30 Years

4

7.40

4.77

8

9.56

7.34

4.25

7.52

4.92

8.25

9.70

7.51

4.50

7.65

5.07

8.50

9.85

7.69

4.75

7.78

5.22

8.75

9.99

7.87

5

7.91

5.37

9

10.14

8.05

5.25

8.04

5.52

9.25

10.29

8.23

5.50

8.17

5.68

9.50

10.44

8.41

5.75

8.30

5.84

9.75

10.59

8.59

6

8.44

6.00

10

10.75

8.77

6.25

8.57

6.16

10.25

10.90

8.96

6.50

8.71

6.32

10.50

11.05

9.15

6.75

8.85

6.48

10.75

11.21

9.33

7

8.99

6.65

11

11.36

9.52

7.25

9.13

6.82

11.25

11.52

9.71

7.50

9.27

6.99

11.50

11.68

9.90

7.75

9.41

7.16

11.75

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 = 6.25

Desired term = 15 years

Interest rate factor per $1,000 = 8.57

Mortgage = $200,000

Monthly Principal & Interest = $1,714 (8.57 x 200)

 

REMEMBER: Be sure to add your monthly insurance premium and your property tax to your principal and interest

to determine your total monthly payment.

NOTE: These figures represent mere estimates. We strongly recommend that you talk with a reputable mortgage

specialist to determine the actual amount you will pay each month in principal, interest, taxes and insurance (PITI).

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