2015-08-21 / Business News

Mortgage Payment Calculation

by Robin Shapiro

It is sometimes useful to estimate your monthly mortgage payment when interest rates change.

This is especially true if you are considering refinancing your current mortgage or taking out a new one. For 30 year mortgages, you can use the following table. It shows the approximate monthly cost for each $100K borrowed. This includes principal and interest but it does not take into account real estate taxes. Escrow payment for real estate taxes can add on some additional cost. Please note that rates have been fluctuating between 3.80% and 4.20% in recent weeks, with the trend towards higher rates although this could change.

The above figures are only for 30 year fixed rate mortgages. Also, your FICO score, down payment and other financial factors can affect your rate. Call Ken Weiss at Diversified Funding for all your mortgage needs (718) 742-5737.

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Robin Shapiro: 718-490-9463

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