Concept explainers
Mortgage The following tables show that a monthly mortgage payment, R, is a function of the amount financed, A, in thousands of dollars; the duration of the loan, n, in years; and the annual interest rate, r, as a percent. If
8% Annual Percent Rate
Monthly Payments (Principal and Interest)
Amount | 10 | 15 | 20 | 25 | 30 |
Financed | Years | Years | Years | Years | Years |
$50,000 | $606.64 | $477.83 | $418.22 | $385.91 | $366.88 |
60,000 | 727.97 | 573.39 | 501.86 | 463.09 | 440.26 |
70,000 | 849.29 | 668.96 | 585.51 | 540.27 | 513.64 |
80,000 | 970.62 | 764.52 | 669.15 | 617.45 | 587.01 |
90,000 | 1091.95 | 860.09 | 752.80 | 694.63 | 660.39 |
100,000 | 1213.28 | 955.65 | 836.44 | 771.82 | 733.76 |
120,000 | 1455.94 | 1146.78 | 1003.72 | 926.18 | 880.52 |
140,000 | 1698.58 | 1337.92 | 1171.02 | 1080.54 | 1027.28 |
160,000 | 1941.24 | 1529.04 | 133830 | 1234.90 | 1174.02 |
180,000 | 2183.90 | 1720.18 | 1505.60 | 1389.26 | 1320.78 |
200,000 | 2426.56 | 1911.30 | 1672.88 | 1543.64 | 1467.52 |
9% Annual Percent Rate | |||||
Monthly Payments (Principal and Interest) | |||||
Amount | 10 | 15 | 20 | 25 | 30 |
Financed | Years | Years | Years | Years | Years |
$50,000 | $633.38 | $507.13 | $449.86 | $419.60 | $40231 |
60,000 | 760.05 | 608.56 | 539.84 | 503.52 | 482.77 |
70,000 | 886.73 | 709.99 | 629.81 | 587.44 | 563.24 |
80,000 | 1013.41 | 811.41 | 719.78 | 671.36 | 643.70 |
90,000 | 1140.08 | 912.84 | 809.75 | 755.28 | 724.16 |
100,000 | 1266.76 | 1014.27 | 899.73 | 839.20 | 804.62 |
120,000 | 1520.10 | 1217.12 | 1079.68 | 1007.04 | 965.54 |
140,000 | 1773.46 | 1419.96 | 1259.62 | 1174.88 | 1126.48 |
160,000 | 2026.82 | 1622.82 | 1439.56 | 1342.72 | 1287.40 |
180,000 | 2280.16 | 1825.68 | 1619.50 | 1510.56 | 144832 |
200,000 | 2533.52 | 2028.54 | 1799.46 | 1678.40 | 1609.24 |
Source: The Mortgage Money Guide. Federal Trade Commission
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