# What would be a mortgage payment for a place that costs around 100k?

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I am looking at townhouses and condos. Wondering what the rough cost per month would be for a mortgage for a place that costs 100K with a credit score of 715?

3 Thoughts on What would be a mortgage payment for a place that costs around 100k?
Pingle Lingle. :D
March 17, 2012 at 10:57 pm

It would depend on how much you put down..if you know that though yahoo real estate has a nice little calculator. ðŸ™‚

Mike
March 17, 2012 at 10:57 pm

One way to look at this is to determine how much principal and interest per month you would pay for a 30 year fixed rate loan.

Figure this on a per \$ 100,000 loan amount.

If you get a mortgage at 5% per year for a 30 year fixed rate loan, the principal and interest payments would be: \$ 536.82 per month.

The interest amount per month is: \$ 416.67 per month.

The balance of the monthly payment is principal or \$ 119.85 per month to start out.

As you make your payments the Principal amount of the payment will go to reduce the amount of your principal.

As the amount of your principal declines, the amount of your payment that is for interest declines and the amount of your payment that goes toward principal reduction increases.