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
Process of simultaneously appraising several pieces of property. Normally, occurs when a local government conducts a reassessment. ...
Horizontal supports for the ceiling of a structure. ...
A group of investment bankers underwriting and distributing a new or outstanding issue of securities of a real estate business. a professionally managed limited partnership investing in ...
Organization that manages the relocation of the employees of client companies from one area of the country to another. A relocation service will manage home sales and purchases in another ...
Underground pit or tank used to store sewage. ...
One who has died with a valid will in effect. ...
Fee simple estate is a term used to describe ownership or freehold of an estate and the type of ownership of an estate. The possessory interest, also referred to as fee (a word derived from ...
A written, legally enforceable document used to transfer title to real estate, See also quit claim deed; warranty deed. ...
Revocation comes from the verb "to revoke", which means to take back the validity of something. The definition of revocation is detrimental to contract law. It gives the person making the ...
Have a question or comment?
We're here to help.