Monthly Payment Table
This 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; after that, of course, the rate, the term
(and the payments) will be different.
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 |
Using The Table
This
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.
In our example, with a loan of $100,000, for 30 years, multiply
6.65 X 100 = $665 per month;
your loan will have a total cost of $239,509 (2395.09 X
100).
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