$1,000 mortgage monthly payment
Given a $1k 15-year-fixed mortgage with an interest rate of 6.25%, the costs will add up to $1,389.6 in total. The calculation results will help you figure out how this amount is determined.
If you make a $100 down payment, which makes up 10% of the purchase price for a home worth $1,000, your principal loan amount will constitute $900. For a $1k mortgage with a repayment term of 15 years (until December 2039) and an annual interest rate of 6.25% your monthly payment will be $7.72. Your estimated total payments will be $1,389.6, of which $489.6 is the total interest amount.
These calculated values are only an approximation. Please note that your interest rate and monthly mortgage payments depend on the payoff date and the down payment. Reducing your loan term, as well as increasing the down payment may lower the total amount paid.
FAQ
What is the monthly payment on a $1,000 mortgage?
For a 15 mortgage with an APR of %6.25, the calculated monthly payment is $7.72. Please note the amount may differ depending upon your effective APR and the loan repayment term you are applying for. In general, the shorter the loan term, the lower the rates.
How much do I need to make to afford a $1k house?
The exact amount depends on the loan term and the size of the down payment. If your income is sufficient for a monthly payment of $7.72, you can apply for a mortgage with a repayment term of 15 years. Your total payments made within this repayment term will be $1,389.6.
Is it worth paying off my mortgage early?
To get an answer to this question, you should contact your mortgage lender. The current payoff date is December 2039. In some rare cases, you may be charged a prepayment penalty in case of debt repayment ahead of schedule. Thanks to Dodd-Frank, at present the prepayment penalties may only be charged within two years or less and are limited to a maximum of 2% of the loan balance. All this means that, in all likelihood, it would indeed be beneficial to pay off the mortgage ahead of time, provided you have the financial means to do so.
How do I find out if my mortgage has a penalty for paying it off early?
As a borrower, you have the legal right to get informed on the prepayment penalties from your potential mortgage lender before completing the mortgage deed. If the contract has already been signed, you are allowed to inquire your lender at a later time. Alternatively, the information can be found either on your monthly statement prints or loan closing documents.
