One of the first questions a buyer will have in making an offer to purchase a home is “What will my payments be?” Obviously this is the number one question a buyer will ask themselves, second only to “how much money do I have to put down?”
While there are many factors that go into the type of loan, interest rate quoted, etc, I have supplied this chart as a request of many of my past customers. Listed below is a monthly payment amortization chart that will allow you to determine your payment, BASED on the loan amount. This table is easy to use.
To use this chart, determine if you want to obtain a 15, 20, 25 or 30 Year loan. Once you have made that decision, look down the Amortization Column [15, 20,25, 30] and find the interest rate that you have been quoted. For example, if you choose to obtain a 30 Yr Fixed mortgage, and you have heard that the current interest rates are 6.5%, you would scroll down the column until you reached the 6.5% interest rate. Your factor will be 6.321
You can then use this factor to determine your P and I [Principal and Interest] for the home loan. If your loan amount will be $100,000, use this factor times the number of thousands of dollars you plan to borrow. In this case, 100 or:
100 x 6.321 = $632.10 as your anticipated P and I
Don’t forget to add a monthly amount for Real Estate Taxes, Home Owners’ Insurance and PMI if any. For more details on how to use this, please email me at jyarrington@bankingunusual.com or call me at 913 234-8670.
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