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Mortgage Monthly Payments

Mortgage monthly payments are very important piece of information for you to compute in your calculation of how much house you can buy.



Please notice that the figures here are for Principal and Interest (P&I) only.

Remember that: Purchase Price – (minus) Down Payment = Loan Amount

Charts below reflect ‘loan amount’ …NOT the purchase price.

You soon will realize that there will be other payments – Property Tax (T) and Property Insurance (the other “I”) …those are NOT included on these charts

 Furthermore – if your down payment is any figure other than the equivalent of 20% of the purchase price, you will have to pay either an upfront fee or a monthly ‘mortgage insurance premium - MIP’ …or both!

None of those are not included on the charts on this page either.


Mortgage Monthly Payments Apply To All Loan Types

Conventional loans with 20% Down Payment = These kind of loans are so called Conventional Loan because they are made by private lender without the need of FHA loan guarantee.  When you put 20% down or more of the purchase price your loan carries no MIP

As of lately an exciting new program came into the market: Conventional Loans with 3% down payment. It will require MIP however it will open opportunities to score of people who can qualify for a loan but do not have a huge savings for down payment or would prefer not touch it. This program also qualifies for the fix mortgage monthly payments I discuss on this page.

Then we have the FHA Loans 3.5% down payment that has always required and enforces that loan it guarantees must have fix mortgage monthly payments.

Veterans of the armed forces can buy a home on VA loans with Zero Down so it is the more important to understand that if you served in the military, you can buy a home with no down payment and then your will have fix mortgage monthly payments. VA loans can carry no MIP – even for those who buy with zero down payment.



Mortgage Monthly Payments Charts

The charts below make it very easy to come up with a figure accurate to less than +/- $5.00 a month… I would recommend that whatever figure you come with please add $5.00 so you will have no surprise.

On the other hand there are at least two ways to come to a very accurate monthly figure of how much the loan payment will be – regardless of the total of your loan amount

Please notice that I ‘crawled’ every .125% (1/8 of a point) on the mortgage monthly payments between the percentages of 3.750% and 5.000% - it is because it is on those percentages that I see the market movement …inching up ever so slowly on the next year or so. 

I wanted you to have a very realistic and practical page for quick reference that you could have on fingertips.

I usually like to tease with my buyers who have been trying to get out of the ‘conundrum’ of having increase on their rent year after year – and pose the following question that I now would like to tease you as well [and I always tell – the ‘answer’ is already ‘in’ question]:

- In a 30 year ‘fix’ rate, how much will the mortgage payment increase every year?

You got it = the answer is ZERO! It is ‘fix’ for the life of the loan!

…Not in the 1st, nor in the 5th nor on the 30th year! Hallelujah! The mortgage monthly payments will never go up!

Remember that the other parts like property insurance and property tax can go …sometimes – like during the recent real estate bubble, it came down :- )

I also think that it is valid to point out that that while tax and property insurance may vary from one corner of town to the other or from one state to the other; the payment charts presented are exactly the same everywhere! Every single estate from Alaska to Wyoming ...and to the territories as well! :- )  


Calculating Amounts Different From The Dollar Values On The Chart

== > I apologize in advance for this rather length explanation and I know that many of my visitors are ways better than I could ever claim to be in math

...However I meet with enough number of folks that struggle to figure this out that it leads me to think that this explanation is granted. And it is with those folks in mind that I wrote this section ...All others have 'my permission' to skip this part :- )

Okay, with that out of the way, to calculate any amount different from values on the charts simply multiply $100,000 figure the amount of the loan!

Find the % rate you are being offered == > Look under the $100,000 then multiply for the ‘loan amount’ you think you are going to get.

Example #1: Loan amount of $83,000 at a % rate of 4.000% 30 years fix. It is less than $100K so please find the on the charter what the payment for $100K at that rate multiply by .83 [that's is point 83].

In this example the charter shows mortgage monthly payments of $ 477. Multiplied by .83 it gives us a payment of $ 412.51 monthly.

Example #2: Loan amount of $183,000 a 4 % rate / 30 years fix.
This is 1.83 times the $100K on the charter and it shows a monthly payment of already demonstrated above = $477.

Simply math: 1.83 x $477= $ 872.91 per month will get you in your new home.

Example #3: Loan amount of $283,000 a 4% for 30 years/fix.
Just follow the same procedure above and multiply by 2.83: $477 [from chart] x 2.83= $1,349.91 per month is your payment moving forward.

Please note that you also ca go to my “Mortgage Monthly Payments Calculator” and plug in the data you have on hand …including Tax and property Insurance [and MIP, if any] for a complete picture of how much your new home will cost you every month, which amount goes towards principal(P) and how much is interest (I). Equally important on this link you also can see the amortization schedule which is a beautiful picture of your equity growing up every month! I highly recommend that you visit it!




Mortgage Monthly Payments Chart
For A 30 Years Fix:

% Rate/Loan Amount Of: $50,000    $ 75,000   $ 100,000

2.500% ………….....………….$ 204        $ 306        $ 408
2.750% ……………………......$ 211        $ 316        $ 422
3.000% ………………….....….$ 218        $ 326        $ 435
3.250% ……………………......$ 218        $ 326        $ 435
3.500% ………………….....….$ 225        $ 337        $ 449
3.750% ……………………......$ 232        $ 347        $ 463
3.875% …………………......…$ 235        $ 353        $ 470
4.000% ………………......……$ 239        $ 358        $ 477
4.125% ………………….....….$ 242        $ 364        $ 485
4.250% ………….……….......$ 246        $ 369        $ 492
4.375% ……………......……..$ 249        $  374       $ 499
4.500% ……………......……..$ 253        $ 380        $ 507
4.625% …………………........$ 257        $ 385        $ 514
4.750% …………………........$ 261        $ 391        $ 522
4.875% …………………........$ 265        $ 397        $ 529
5.000% ………………........…$ 268        $ 403        $ 537
5.250% …………………........$ 276        $ 414        $ 552
5.500% ………......…………..$ 284        $ 426        $ 568
5.750% …………......………..$ 292        $ 438        $ 584
6.000% ……......……………..$ 300        $ 450        $ 600


Mortgage Monthly Payments Chart
For A 15 Years Fix:

% Rate/Loan Amount of: $ 50,000     $ 75,000   $ 100,000

2.500% ………………....…….$ 333          $ 500        $ 667
2.750% …………………….....$ 339          $ 509        $ 679
3.000% …………………….....$ 345          $ 518        $ 691
3.250% …………………….....$ 351          $ 527        $ 703
3.500% …………………....….$ 357          $ 536        $ 715
3.750% …………………….....$ 364          $ 545        $ 727
3.875% ………………….....…$ 367          $ 550        $ 733
4.000% …………………….....$ 370          $ 555        $ 740
4.125% …………………….....$ 374          $ 560        $ 746
4.250% ………….…….....….$ 376          $ 564        $ 752
4.375% ………………….......$ 379          $ 569        $ 759
4.500% ………………….......$ 382          $ 574        $ 765
4.875% ……………….....…..$ 392          $ 588        $784
4.750% ………………….......$ 389          $ 583        $ 778
5.000% ……………….......…$ 395          $593         $ 791
5.250% ………………….......$ 402          $ 603        $ 804
5.500% ………………….......$ 409          $ 613        $ 817
5.750% ………………….......$ 451          $ 623        $ 830
6.000% ………………….......$ 422          $ 634        $ 844



Visitors’ Corner:
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Comments And Questions

Now it is YOUR turn: Please give us your input!

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JC Fagundes, Head Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.
Ph: 404 801 4141



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