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 |
- Find the appropriate interest rate from the chart above.
- Look across the column to the appropriate term to determine your interest rate factor.
- 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.
Meredith Catrett 