Using Table 3-1, you can calculate the size of your mortgage payments based on the amount you want to borrow, the loan’s interest rate, and the length (in years) the mortgage payments last. To determine the monthly payment on a mortgage, simply multiply the relevant number from Table 3-1 by the size of your mortgage expressed in (divided by) thousands of dollars. For example, if you take out a $150,000, 30-year mortgage at 5.50 percent, multiply 150 by 5.68 (from Table 3-1) to arrive at an $852 monthly payment. (You can access Table 3-1 online at www.dummies.com/go/homebuyingkit7e.)
TABLE 3-1 Monthly Mortgage Payment Calculator
| Interest Rate | 15-Year Mortgage | 30-Year Mortgage |
| 3 | 6.90 | 4.21 |
| 31⁄8 | 6.96 | 4.28 |
| 3¼ | 7.02 | 4.35 |
| 33⁄8 | 7.08 | 4.42 |
| 3½ | 7.14 | 4.49 |
| 35⁄8 | 7.21 | 4.56 |
| 3¾ | 7.27 | 4.63 |
| 37⁄8 | 7.33 | 4.70 |
| 4 | 7.40 | 4.77 |
| 41⁄8 | 7.46 | 4.85 |
| 4¼ | 7.52 | 4.92 |
| 43⁄8 | 7.59 | 4.99 |
| 4½ | 7.65 | 5.07 |
| 45⁄8 | 7.71 | 5.14 |
| 4¾ | 7.78 | 5.22 |
| 47⁄8 | 7.84 | 5.29 |
| 5 | 7.91 | 5.37 |
| 51⁄8 | 7.98 | 5.45 |
| 5¼ | 8.04 | 5.53 |
| 53⁄8 | 8.11 | 5.60 |
| 5½ | 8.18 | 5.68 |
| 55⁄8 | 8.24 | 5.76 |
| 5¾ | 8.31 | 5.84 |
| 57⁄8 | 8.38 | 5.92 |
| 6 | 8.44 | 6.00 |
| 61⁄8 | 8.51 | 6.08 |
| 6¼ | 8.58 | 6.16 |
| 63⁄8 | 8.65 | 6.24 |
| 6½ | 8.72 | 6.33 |
| 65⁄8 | 8.78 | 6.41 |
| 6¾ | 8.85 | 6.49 |
| 67⁄8 | 8.92 | 6.57 |
| 7 | 8.99 | 6.66 |
| 71⁄8 | 9.06 | 6.74 |
| 7¼ | 9.13 | 6.83 |
| 73⁄8 | 9.20 | 6.91 |
| 7½ | 9.28 | 7.00 |
| 75⁄8 | 9.35 | 7.08 |
| 7¾ | 9.42 | 7.17 |
| 77⁄8 | 9.49 | 7.26 |
| 8 | 9.56 | 7.34 |
| 81⁄8 | 9.63 | 7.43 |
| 8¼ | 9.71 | 7.52 |
| 83⁄8 | 9.78 | 7.61 |
| 8½ | 9.85 | 7.69 |
| 85⁄8 | 9.93 | 7.78 |
|
8¾
|