Monthly Principal and Interest Rate Chart
If you're looking to buy your first home or even if you're an experienced home buyer, the chart below will help you determine the principal and interest based on the current interest rate. By giving your approximate house payment, this table helps you stay within your price range. To calculate the principal and interest portion of your monthly house payment, first divide the loan amount by $1,000. Then multiply that number by the principal and interest payment factor. For example, if a $120,000 house is being purchased with a 20-year mortgage term, take the following steps:
- $120,000 / $1,000 = $120
- 20-year loan @ 6.000% = 7.16 P&I Factor
- 7.16 P&I Factor x $120 = $859
Monthly house payment for principal and interest would be approximately $859.*
Monthly Principal and Interest Payment Factors (per $1,000)
* Only includes principal and interest. Taxes and insurance are calculated separately.
