Payments…
Calculating Monthly Payments…
Figuring out your Principal and Interest payment.*
From the current Loan Interest Rate, determine the factor from the column that describes the term in years.
|
Interest Rate Factor Formula
|
|
RATE %
|
30 YEAR
|
20 YEAR
|
15 YEAR
|
|
5.0
|
5.37
|
6.60
|
7.91
|
|
5.5
|
5.68
|
6.88
|
8.17
|
|
6.0
|
6.00
|
7.16
|
8.44
|
|
6.5
|
6.32
|
7.46
|
8.71
|
|
6.625
|
6.40
|
7.53
|
8.78
|
|
6.75
|
6.48
|
7.60
|
8.85
|
|
6.875
|
6.57
|
7.68
|
8.92
|
|
7.00
|
6.65
|
7.75
|
8.99
|
|
7.125
|
6.74
|
7.83
|
9.06
|
|
7.25
|
6.82
|
7.90
|
9.13
|
|
7.375
|
6.91
|
7.98
|
9.20
|
|
7.5
|
6.99
|
8.06
|
9.27
|
|
7.625
|
7.09
|
8.13
|
9.34
|
|
7.75
|
7.16
|
8.21
|
9.41
|
|
7.875
|
7.25
|
8.29
|
9.48
|
|
8.0
|
7.34
|
8.36
|
9.56
|
|
|
|
*per $1000.00
|
Example:
Purchase price of home = $165,000.00. Interest rate of 6.50% for 30 years.
165 x $6.32 = $1042.80*
*Note: this payment includes the principal and interest. This formula results in a close estimate. To get a more accurate payment, use the calculator provided above.
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