10 Truths Uncovered About Monthly Mortgage Payments

 


A mortgage loan refers to a long-term legal arrangement to pay back the loan along with interest in monthly installments. Additional payments include property tax and HOA fees. While buying a house, the property including the home and land becomes the security in case of default. The Monthly mortgage payment depends upon several factors like the duration of the loan and whether fixed or variable interest.

Check out the Current mortgage rates

Considering a few reputed institutions operating at the national level, the fixed 30-year mortgage attracts 4.90% interest today. 

The secret is to consider real examples. Consider a $250,000 mortgage loan in California with $50,000 down payment.

●       A 30-year fixed wants a rate of 4.625% with an APR of 4.840% and monthly payments of $1028

●       A 20-year fixed wants a rate of 4.375% with an APR of 4.633% and monthly payments of $1252

●       A 15-year fixed wants a rate of 3.750% with APR 4.088% and monthly payments of $1454

●       A 10y/6m ARM variable wants a rate of 4.125% with APR 3.845% and monthly payments of $969

●       A 7y/6m ARM variable wants a rate of 3.875% with APR 3.540% and monthly payments of $940

●       A 5y/6m ARM variable wants a rate of 3.625% with APR 3.344% and monthly payments of $912

Shall we Compare Today's Mortgage Rates?

How is it that so many companies offer mortgage terms well below that so-called national rate? Another source cites 4.856% as the average APR for a 30-year fixed loan that showing an increase of 4 basis points.  A 15-year fixed loan average stands at 3.960% which shows a 1 basis point increase.

 

 

What are other Current mortgage rates saying?

PRODUCT

INTEREST RATE %

APR%

30 year fixed

4.770

4.856

20 year fixed

4.354

4.471

15 year fixed

3.794

3.960

10 year fixed

3.516

3.700

7 year ARM

4.333

3.684

5 year ARM

4.378

3.536

3 year ARM

2.340

3.371

30-year fixed rate FHA

3.690

4.441

30-year fixed rate VA

4.226

4.588

 

How to calculate Monthly mortgage payment

  1. A mortgage calculator helps ease those complicated calculations.
  2. Be sure of the facts and numbers, credit score, and zip code of the property.
  3. Also enter the principal amount and down payment, loan duration, and interest rate.
  4. After entering the values carefully, click ‘calculate.’
  5. Additional points covered are property tax, Home Insurance, PMI Insurance, and HOA fees along with Other Costs. 
  6. In this sample, the home costs $400,000 with a down payment of 20%.
  7. The loan is 30-year fixed.
  8. Monthly payment is $1700 and 360 payments total $612,097.
  9. The total interest is $292,097 and the mortgage payoff date is April 2052.
  10. (Property tax is 1.2%, home insurance is $1500 and other costs total $4000. PMI insurance and HOA fee are nil).

Monthly mortgage payment gives lots to ponder.

 

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