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
Tax assessed on a transfer of property made without adequate legal consideration. This tax is based on the appraised value of the property at the time of transfer.Also, gifts of property ...
Nonrefundable fee to pay for the painting and cleaning of an apartment or office unit after a tenant vacates the premises. ...
Before getting a loan to buy a property, you must know the definition of foreclosure. A foreclosure is the process of making a loan due immediately. Technically, a loan becomes due way ...
Generally, the term turnover is the accounting method of calculating how fast operations are conducted by a business. The simplest turnover definition is the rate at which a company sells ...
External front wall to a structure ...
Date of the valuation of property, usually contained in a report. ...
Effective Age is the counterpart to a property’s Actual Age. While the former refers to the date a property was built, the latter is more of a sensorial depiction of its age; the age ...
Foreclosed property is sold via a sheriff's deed. The amount received is used to pay the balance of any obligations against the owner or real estate. ...
Also called a like-kind exchange. An exchange in which tax benefits are available to real estate owners planning to sell their investment, rental, business or vacation real estate, and ...
Have a question or comment?
We're here to help.