Page 12 - FNTA Buyers Guide_2020

SAMPLE MORTGAGE PAYMENT 30-YEAR LOAN / PRINCIPAL & INTEREST ONLY
LOAN AMOUNT
$80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000
3.50% 3.75%
359 370 449 463 539 556 629 648 718 741 808 834 898 926 988 1,019
1,078 1,111 1,168 1,204 1,257 1,297 1,347 1,389
4% 4.25%
382 394 477 492 573 590 668 689 764 787 859 885 955 984 1,050 1,082
1,146 1,181 1,241 1,279 1,337 1,377 1,432 1,476
4.50% 4.75%
5% 5.25%
HOW MUCH
THIS FORMULA IS ONLY A GUIDE AND NOT TO BE CONSTRUED AS ACTUAL LENDING CALCULATIONS
Contact your loan consultant to determine more accurately what price range you should consider. Lenders abide by certain ratios when calculating the loan amount their customers can qualify for and the ratios vary by lender and loan program. Many use 28% of your gross monthly income as the maximum allowed for your mortgage payment (principal/interest/taxes/insurance or PITI); for your total monthly debt, the ratio is 36%. Total monthly expenses means PITI plus long-term debt (such as auto loans) and revolving/credit-card debt. Do not include other expenses such as groceries, utilities, clothing, tuition, etc., to calculate this ratio.
Copyright 2018 Fidelity National Title: Content cannot be edited or reproduced without written permission from Fidelity National Title. All content he re in is informational only and not intended to offer legal or financial advice.
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INTEREST RATE
405 417 429
442 552 663 773 884 994 1,104
1,215 1,325 1,436
1,546 1,657
507 522 608 626 709 730 811 835 912 939 1,013 1,043
1,115 1,148 1,216 1,252 1,317 1,356 1,419 1,461 1,520 1,565
537 644 752 859 966 1,074
1,181 1,288 1,396 1,503 1,610