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 simple box-shaped house with clapboard siding and a gable roof. ...
Trade group of predominately land developers. ...
Usually a fairly large site zoned and planned for the purpose of industrial development and located outside the main residential area of a city. Industrial parks normally are provided with ...
Putting a waterproofing substance on the exterior cement walls of the structure to prevent water from entering the interior of structure. The cracks in the walls are patched up. ...
Involves more than one borrower being responsible for a mortgage, such as with a cooperative apartment. Involves more than one mortgagee lent on a real estate project, such as with a ...
The basic definition of an acquisition loan is the kind of loan that gives a company the funds necessary to make a purchase. The type of investment depends on the company’s activity, ...
Registered real estate broker who charge a flat fee, rather than a commission, for real estate purchase and sale transactions regardless of the property's sale price. No fee is charge if ...
Worth of the property part which is left subsequent to a condemnation action. ...
The definition of abatement is a reduction of penalties or a tax deduction for individuals or businesses. It can often be accessed upon an overpayment of taxes, if the company or individual ...
Have a question or comment?
We're here to help.