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How Much Home You Can 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

Interest
Rates
4
4 ¼
4 ½
4 ¾
5
5 ¼
5 ½
5 ¾
6
6 ¼
6 ½
6 ¾
7
7 ¼
7 ½
7 ¾
Term
15 Years
7.40
7.52
7.65
7.78
7.91
8.04
8.17
8.30
8.44
8.57
8.71
8.85
8.99
9.13
9.27
9.41
Term
30 Years
4.77
4.92
5.07
5.22
5.37
5.52
5.68
5.84
6.00
6.16
6.32
6.48
6.65
6.82
6.99
7.16

Interest
Rates
8
8 ¼
8 ½
8 ¾
9
9 ¼
9 ½
9 ¾
10
10 ¼
10 ½
10 ¾
11
11 ¼
11 ½
11 ¾
Term
15 Years
9.56
9.70
9.85
9.99
10.14
10.29
10.44
10.59
10.75
10.90
11.05
11.21
11.36
11.52
11.68
11.84
Term
30 Years
7.34
7.51
7.69
7.87
8.05
8.23
8.41
8.59
8.77
8.96
9.15
9.33
9.52
9.71
9.90
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 = 5%
  • Desired term = 30 years
  • Interest rate factor per $1,000 = 5.37
  • Mortgage = $300,000
  • Monthly Principal & Interest = $1,611 (5.37 x 300)

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 home much you can afford.