The calculator provides a quick way to get a fairly accurate estimate of the monthly payment for a mortgage that is under consideration. It is often helpful to see what happens to the mortgage payment as interest rate and the mortgage length are changed.
Table of Monthly Mortgage Payment
This table shows the monthly mortgage payment (principle + interest) for a $100,000 mortgage for interest rates ranging from 4% to 10% and for a mortgage length ranging from 10 years to 30 years. This table provides a quick snapshot of the effect of interest rates and mortgage duration on the monthly payment.
| Monthly Payment for $100,000 Mortgage | |||||
|---|---|---|---|---|---|
| 10 yrs | 15 yrs | 20 yrs | 25 yrs | 30 yrs | |
| 4% | 1012.45 | 739.68 | 605.98 | 527.83 | 477.41 |
| 5% | 1060.65 | 790.79 | 659.95 | 584.59 | 536.82 |
| 6% | 1110.20 | 843.85 | 716.43 | 644.30 | 599.55 |
| 7% | 1161.08 | 898.82 | 775.29 | 706.77 | 665.30 |
| 8% | 1213.27 | 955.65 | 836.44 | 771.81 | 733.76 |
| 9% | 1266.75 | 1014.26 | 899.72 | 839.19 | 804.62 |
| 10% | 1321.50 | 1074.60 | 965.02 | 908.70 | 877.57 |
Freddie Mac Calculators
Freddie Mac has a number of different calculators which can help you analyze a home purchase. They can be reached from the Freddie Mac calculator page at http://www.freddiemac.com/homeownership/calculators/.
Rent vs. Buy
Freddie Mac has an online calculator which can help you analyze renting vs. buying. The calculator can be brought up as a pop-up window Freddie Mac Rent vs. Buy Calculator.
Tax Savings
The tax savings of owning a home can be analyzed using the pop up Freddie Mac Tax Savings Calculator.
How Much Can You Borrow
You can get a Freddie Mac estimate of how much you can borrow using their calculator.
