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How much will my payment be?
Most loan rates will not differ widely from the current rates of interest. However, differences in how a loan is structured can result in large savings or costs to you when buying a home. Loans may differ in such items as term (length of the loan), prepayment options or penalties, processing fees, etc.
Most mortgages are offered for terms of up to 30 years; other terms are available under some circumstances. Your monthly payment changes depending on the length of the mortgage. The shorter the term, the less you will pay for your house overall. However, your monthly payments will be higher.
This chart shows your monthly payment (principal plus interest) for a $1,000 loan. Multiply the monthly payment times the number of thousands of dollars you are borrowing to determine monthly charges.
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INTEREST
RATE PERCENT |
MONTHLY PAYMENT (PRINCIPAL & INTEREST) FOR $1,000 LOAN
15 YEARS 20 YEARS 30 YEARS |
|
3 |
6.91 |
5.55 |
4.22 |
|
3 1/2 |
7.15 |
5.80 |
4.49 |
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4 |
7.40 |
6.06 |
4.77 |
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4 ½ |
7.65 |
6.33 |
5.07 |
|
5 |
7.91 |
6.60 |
5.37 |
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5 ½ |
8.17 |
6.88 |
5.68 |
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6 |
8.44 |
7.16 |
6.00 |
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6 ½ |
8.71 |
7.46 |
6.32 |
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7 |
8.99 |
7.75 |
6.65 |
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7 ½ |
9.27 |
8.06 |
6.99 |
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8 |
9.56 |
8.36 |
7.34 |
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8 ½ |
9.85 |
8.68 |
7.69 |
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9 |
10.14 |
9.00 |
8.05 |
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9 ½ |
10.44 |
9.32 |
8.41 |
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10 |
10.75 |
9.65 |
8.78 |
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10 ½ |
11.05 |
9.98 |
9.15 |
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11 |
11.37 |
10.32 |
9.52 |
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