Posted on: 21st Mar, 2008 08:34 am
To purchase property for $98,000 with $20,000 down payment
i can give you some scenarios - all assuming that you are looking for 30-year financing.
at a rate of 5.5%, principal & interest payments = $442.88
at 6%, payments = $467.65
at 6.5%, payments = $493.01
at 7%, payments = $518.94
at 7.5%, payments = $545.39
i know i went ridiculously high at the 7.5% level, but you can see that there isn't much variation from one rate to the other in the overall scheme of things.
keep in mind that these payments do not include such things as tax or insurance escrows, condo fees (if any) and fha mortgage insurance premium (should you use that product line).
i hope this is helpful - ask again if necessary.
at a rate of 5.5%, principal & interest payments = $442.88
at 6%, payments = $467.65
at 6.5%, payments = $493.01
at 7%, payments = $518.94
at 7.5%, payments = $545.39
i know i went ridiculously high at the 7.5% level, but you can see that there isn't much variation from one rate to the other in the overall scheme of things.
keep in mind that these payments do not include such things as tax or insurance escrows, condo fees (if any) and fha mortgage insurance premium (should you use that product line).
i hope this is helpful - ask again if necessary.