How Much Home Can You Afford

Use the following 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
InterestRates Term15 Years Term30 Years InterestRates Term15 Years Term30 Years
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.

Example:

  • Interest Rate = 6.5%
  • 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.

The above information is provided as a guide. We strongly recommend that you contact our lending specialist to determine exactly how much you can afford.

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