Monthly Payments Per $1000 & Total Cost [Principal and Interest Combined]
This Mortgage Payment Table will allow you to estimate your monthly principal and interest payments for any fixed interest rate mortgage. You can't reliably use the chart to calculate the monthly payment for an adjustable rate mortgage, except for the initial period; after that, of course, the rate, the term (and the payments) will be different.
| Interest Rate % |
15 Year Term | 30 Year Term | ||
| Monthly Payment | Total Amount | Monthly Payment | Total Amount | |
| 4.00% | 7.39 | 1331.43 | 4.77 | 1718.69 |
| 4.125% | 7.45 | 1342.74 | 4.84 | 1744.73 |
| 4.25% | 7.52 | 1354.10 | 4.91 | 1770.90 |
| 4.375% | 7.58 | 1365.51 | 4.99 | 1797.42 |
| 4.50% | 7.64 | 1376.98 | 5.06 | 1824.06 |
| 4.625% | 7.71 | 1388.51 | 5.14 | 1850.90 |
| 4.75% | 7.77 | 1400.09 | 5.21 | 1877.93 |
| 4.875% | 7.84 | 1411.73 | 5.29 | 1905.14 |
| 5.00% | 7.90 | 1423.42 | 5.36 | 1932.55 |
| 5.125% | 7.97 | 1435.17 | 5.44 | 1960.15 |
| 5.25% | 8.03 | 1446.97 | 5.52 | 1987.93 |
| 5.375% | 8.10 | 1458.83 | 5.59 | 1015.89 |
| 5.50% | 8.18 | 1470.75 | 5.68 | 2044.04 |
| 5.625% | 8.24 | 1482.72 | 5.76 | 2074.36 |
| 5.75% | 8.31 | 1494.73 | 5.84 | 2100.86 |
| 5.875% | 8.37 | 1506.81 | 5.92 | 2129.54 |
| 6.00% | 8.44 | 1518.94 | 6.00 | 2158.38 |
| 6.125% | 8.51 | 1531.13 | 6.08 | 2187.40 |
| 6.25% | 8.58 | 1543.36 | 6.16 | 2216.58 |
| 6.375% | 8.64 | 1555.65 | 6.24 | 2245.93 |
| 6.50% | 8.72 | 1567.99 | 6.33 | 2275.44 |
| 6.625% | 8.78 | 1580.39 | 6.40 | 2305.12 |
| 6.75% | 8.85 | 1592.83 | 6.49 | 2334.95 |
| 6.875% | 8.92 | 1605.34 | 6.57 | 2364.94 |
| 7.00% | 8.99 | 1617.89 | 6.65 | 2395.09 |
| 7.125% | 9.06 | 1630.49 | 6.74 | 2425.39 |
| 7.25% | 9.13 | 1643.15 | 6.82 | 2455.83 |
| 7.375% | 9.20 | 1655.86 | 6.91 | 2486.43 |
| 7.50% | 9.27 | 1668.62 | 6.99 | 2517.17 |
| 7.625% | 9.34 | 1681.43 | 7.08 | 2548.06 |
| 7.75% | 9.41 | 1694.29 | 7.16 | 2579.08 |
| 7.875% | 9.48 | 1707.20 | 7.25 | 2610.25 |
Using The Table
This chart covers interest rates from 4% to 7.875%, and loan terms of 15 and 30 years. Each of the term columns shows the monthly payment (Principal + Interest), and the total amount you will pay back for each $1,000 of the loan. Scan down the interest rate column to a given interest rate, such as 7%; then follow across to the payment factor for either a 15 or 30 year term. Multiply the factor shown by the number of thousands in your mortgage amount, and the result is your monthly principal and interest payment. For the total cost of holding the loan to term, multiply the number of thousands in your loan by the Total Amount factor.
In our example, with a loan of $100,000, for 30 years, multiply 6.65 X 100 = $665 per month;
your loan will have a total cost of $239,509 (2395.09 X 100).
Visit http://www.hsh.com for the latest mortgage rates and terms, plus:
- On-line and freely downloadable amortization and prepayment calculators
- Information from competitive mortgage and equity lenders in your area
- Forecasts, commentary, and the most objective loan information available
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