For most borrowers the first thing they want to know is how much a property will cost them every month but with all those confusing interest rates you see thrown around out there how would one determine what the actual mortgage payment would be on lets say a $100,000.00 dollar loan ?
With interest rates at all time lows how much difference does a 1% drop in interest rate make on a monthly payment for a homeowner?
Below are some simple numbers you can use
30 year term..
$5.14 per month for every every $1000 borrowed.
For example, a $100,000 loan will translates into a $514.00 principal and interest payment per month.
15 yearr term..
$7.27 per month for every $1000 borrowed
For example, a $100,000 loan will translate into a $727.00 principal and interest payment per month.