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).

BACK TO BANK FINANCING RESOURCES PAGE



Bear Island Land Co., Inc.
943 East Sheridan Street Ely, MN 55731
888-621-2268 218-365-2800