Mortgage Payment Table
Definition of "Mortgage payment table"
Tables used to compute the monthly mortgage payment that consists of principal repayment and interest. A loan amortization type of formula is used. The tables have monthly payments for any combination of loan size, interest rate, and term. Table 6 ( Monthly Mortgage Payments ) of the Appendix gives selected combinations for $1,000 fixed-rate loans. Example: Christine wants to know the monthly mortgage payment on a $95,000, 10%, 30-year mortgage. Using Table 6, she needs to follow three steps:
Step 1: Divide the amount of the loan by $1,000 ( that is, $95,000/$1,000=95).
Step 2: Find the payment factor for a specific interest rate and loan maturity. The Table 6 payment factor for 10% and 30 years is 8.78.
Step 3: Multiply the factor obtained in Step 2 by the amount from Step 1. $8.78*95=$834.10.
The monthly mortgage payment is $834.10.
Popular Real Estate Terms
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states ...
Reward for investing. The real estate investor must compare the anticipated return for an investment with the associated risk. The return includes: Appreciation (or depreciation) in ...
Right to an item belongs to the public at large so anyone can use it. An example is a real estate software program that is publicly available by an electronic bulletin board service. ...
Rights, interest, and benefits inherent in the ownership of real estate, as distinguished from personal property ...
Apartment building in which each resident owns a percentage share of the corporation that owns the building. ...
A narrow passageway between buildings providing secondary rear access. ...
Stiff pipe used to cover electrical wiring for safety purposes. ...
Fan with an opening to the outside air that lets stale or hot air exit the structure; usually used in a kitchen when cooking or in a bathroom that does not have a window. It is used for ...
If buyers are considering a home with an assumable mortgage at a fair interest rate or if the sellers have already paid their mortgage, remember to consider seller financing. With seller ...
Have a question or comment?
We're here to help.