Mortgage Payment Table
The 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.
| Interest Rate % |
15 Year Term | 30 Year Term | ||
| Monthly Payment | Total Amount | Monthly Payment | Total Amount | |
| 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 |
| 8.00% | 9.56 | 1720.17 | 7.34 | 2641.55 |
| 8.125% | 9.63 | 1733.19 | 7.42 | 2672.99 |
| 8.25% | 9.70 | 1746.25 | 7.51 | 2704.56 |
| 8.375% | 9.77 | 1759.37 | 7.60 | 2736.26 |
| 8.50% | 9.85 | 1772.53 | 7.69 | 2768.09 |
How to Use the Table
The chart covers interest rates from 5% to 8% 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<.
For example, if you have a loan of $100,000 for 30 years, you would multiply 6.65 X 100 , giving you a monthly principal and interest payment of $665/ month. The loan will have a total cost of $239,509 (2395.09 X 100).
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