Assuming a 6% interest rate, principal & interest on a fully amortizing $100k, 30 year loan will be $600.
If you have excel, put the following equation into a cell & then you can change parameters. =PMT(6%/12,30*12,-100000)
Taxes, insurance, HOA dues, etc. are not included in this.
Assuming a 6% interest rate, principal & interest on a fully amortizing $100k, 30 year loan will be $600.
If you have excel, put the following equation into a cell & then you can change parameters. =PMT(6%/12,30*12,-100000)
Taxes, insurance, HOA dues, etc. are not included in this.
References :
A decent rate right now on a 30 yr fixed mortgage for 100k is around 6.625% (zero point rate). This is assuming that you have 20% equity in the house (value of the home should be $125k); your credit score is above 720 and your debt ratio is under 50%.
Oh yeah, your payment would be $640.31.
References :
http://www.bankrate.com/brm/mortgage-calculator.asp
I use it allll the time; and here’s a general idea of 30-year rates, depending on how you think your credit is.
Interest Rates
Great credit – 6.625%
Good credit – 7%
Decent credit – 7.5%
Not so great – 8%
Horrible – 8 – 12%
References :
http://www.bankrate.com/brm/mortgage-calculator.asp