Tuesday, January 02, 2007
Mortgage Payment Factor Information
January,2,2007
30 year fixed rate: 6.19%
15 year fixed rate: 6.03%
Factoring is a way to determine your monthly principal and interest payment based on the purchase price and interest rate. The "monthly thousands" number is your purchase price in thousands. Example: a $550,000 purchase price would be 550.
Interest Rate 6.00%
Payment Factor 5.9955 (for a 30 yr fixed)
Monthly Thousands 550
Principal and Interest $3,297.53
The payment factor is multiplied by the monthly thousands number.
One site that has a easy screen to work with your own numbers is:
Mortgage-calc.com
30 year fixed rate: 6.19%
15 year fixed rate: 6.03%
Factoring is a way to determine your monthly principal and interest payment based on the purchase price and interest rate. The "monthly thousands" number is your purchase price in thousands. Example: a $550,000 purchase price would be 550.
Interest Rate 6.00%
Payment Factor 5.9955 (for a 30 yr fixed)
Monthly Thousands 550
Principal and Interest $3,297.53
The payment factor is multiplied by the monthly thousands number.
One site that has a easy screen to work with your own numbers is:
Mortgage-calc.com
