Wondering what your monthly mortgage loan payment will be?
There’s an easy way to figure it out, that doesn’t involve an Excel spreadsheet.
Here it is:
rate per thousand
4.000 4.77
4.125 4.85
4.250 4.92
4.375 4.99
4.500 5.07
4.625 5.14
4.750 5.22
4.875 5.29
5.000 5.37
5.125 5.44
5.250 5.52
5.375 5.60
5.500 5.68
5.625 5.76
5.750 5.84
5.875 5.92
6.000 6.00
6.125 6.08
6.250 6.16
6.375 6.24
6.500 6.32
6.625 6.40
6.750 6.48
6.875 6.57
7.000 6.65
7.125 6.74
7.250 6.82
7.375 6.91
7.500 6.99
7.625 7.08
7.750 7.16
7.875 7.25
8.000 7.34
8.125 7.42
8.250 7.51
8.375 7.60
8.500 7.69
8.625 7.78
8.750 7.87
8.875 7.96
9.000 8.05
9.125 8.14
9.250 8.23
9.375 8.32
9.500 8.41
9.625 8.50
9.750 8.59
9.875 8.68
10.00 8.77
Start with your loan amount (not your purchase amount, silly, the amount you’re going to borrow). Drop the “thousands”.
Multiply that number by the number in the right-hand column that corresponds to the interest rate you’ve been quoted.
That’s your estimated monthly loan payment.
So, for example, you’re borrowing $417,000 (you’re clever, you). And your lender thinks she can get you a 5.875 fixed rate mortgage loan.
Take the 417 and multiply it by 5.92, which corresponds to the 5.875 rate, above.
The result, $2,468.64, is your estimated monthly loan payment.
Your loan rate is over 10%?
Ouch.
Here it is as a notepad text file. Right click to save it to your hard-drive.
Mortgage loan amortization schedule
