Russell Realty, Inc .
CENTURY 21 Russell Realty, Inc .

Financing

Financing your home

 

Unless you're wealthy enough to pay cash for your home, you'll need to take out a mortgage - a loan that you obtain to close the gap between the cash you have for a down payment and the purchase price of the home.  The amount of this loan will be decided by the price of the home and your down payment.  Getting pre-approved for a certain mortgage will allow you to know what price range your lender will approve and give you more buying strength.

 

Lenders factor in sales price and down payment, but place more importance on how much you can handle on a monthly basis.  The term of the loan, the interest rate and the principal amount of the mortgage will determine the amount of your monthly payments.  The higher the interest rate, the higher the monthly payments. The length of most real estate loans is 15 to 30 years. Use the Monthly Payment Charts to help you figure the loan amount you can afford.  Note that you must also add property taxes, home insurance costs, and, in some cases, homeowner's associateion fees, to these figures for a realistic mohthly obligation. The payments may also be slightly higher or lower depending upon the terms of the loan (15 vice 30 years).

 

Mortgage Chart

 

The following charts can help determine - on a monthly basis - how much home you can afford. To use it, simply find the monthly house payment you can afford and read across to the nearest current interest. Where the two cross will give you an approximation of how much mortgage your maximum monthly payment will buy.

To calculate the mortgage for higher monthly payments - $3,500 for instance - combine the mortgage amounts for $2,000 and $1,500 payments. With a 9% rate, $248,564 plus $186,423 equals a $434,987 mortgage.

Interest Rate

Monthly Payment

6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

10.00%

10.50%

11.00%

$300

$50,040

$47,460

$45,092

$42,905

$40,885

$39,016

$37,285

$35,678

$34,185

$32,796

$31,502

$350

58,380

55,370

52,608

50,056

47,699

45,519

43,499

41,624

39,883

38,262

36,752

$400

66,720

63,280

60,123

57,207

54,513

52,022

49,713

47,571

45,580

43,728

42,003

$450

75,050

71,190

67,638

64,358

61,328

58,524

55,927

53,517

51,278

49,194

47,253

$500

83,400

79,100

75,154

71,509

68,142

65,027

62,141

59,463

56,975

54,660

52,503

$550

91,730

87,010

82,669

78,660

74,956

71,529

68,355

65,410

62,673

60,126

57,753

$600

100,075

94,925

90,185

85,811

81,770

78,032

74,569

71,356

68,370

65,592

63,004

$650

108,415

102,840

97,700

92,961

88,584

84,535

80,783

77,302

74,068

71,059

68,254

$700

116,755

110,850

105,215

100,112

95,398

91,038

86,997

83,249

79,766

76,525

73,504

$750

125,095

118,660

112,731

107,263

102,213

97,540

93,211

89,195

85,463

81,991

78,755

$800

133,435

126,570

120,246

114,414

109,027

104,043

99,425

95,141

91,161

87,457

84,005

$850

141,770

134,480

127,761

121,565

115,841

110,546

105,640

101,088

96,858

92,923

89,255

$900

150,110

142,390

135,277

128,716

122,655

117,048

111,854

107,034

102,556

98,389

94,506

$950

158,450

150,300

142,792

135,867

129,469

123,551

118,068

112,980

108,253

103,854

99,756

 

 

Interest Rate

Monthly Payment

6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

10.00%

10.50%

11.00%

$1,000

166,790

158,210

150,308

143,018

136,283

130,054

124,282

118,927

113,951

109,321

105,006

$1,050

175,130

166,120

157,823

150,169

143,098

136,556

130,496

124,873

119,648

114,786

110,256

$1,100

183,470

174,030

165,338

157,320

149,912

143,058

136,710

130,820

125,346

120,252

115,506

$1,150

191,810

191,940

172,854

164,471

156,726

149,561

142,924

136,766

131,043

125,718

120,757

$1,200

200,150

189,850

180,369

171,621

163,540

156,064

149,138

142,712

136,741

131,185

126,007

$1,250

208,590

197,760

187,884

178,772

170,354

162,567

155,352

148,659

142,439

136,651

131,257

$1,300

216,830

205,670

195,400

185,923

177,168

169,070

161,567

154,605

148,136

142,117

136,508

$1,350

225,170

213,580

202,916

193,074

183,982

175,573

167,781

160,551

153,834

147,583

141,758

$1,400

233,510

221,490

210,431

200,225

190,796

182,076

173,995

166,498

159,531

153,049

147,009

$1,450

241,850

229,400

217,946

207,376

197,611

188,578

180,209

172,444

165,229

158,515

152,259

 

 

Interest Rate

Monthly Payment

6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

10.00%

10.50%

11.00%

$1,500

250,190

237,310

225,462

214,527

204,425

195,081

186,423

178,390

170,926

163,981

157,509

$1,550

258,530

245,230

232,977

221,678

211,239

201,583

192,637

184,337

176,624

169,447

162,759

$1,600

266,870

253,140

240,493

228,829

218,053

208,086

198,851

190,283

182,321

174,913

168,010

$1,650

275,210

261,050

248,008

235,979

224,867

214,589

205,065

196,229

188,019

180,380

173,260

$1,700

283,550

268,960

255,523

243,130

231,681

221,092

211,279

202,176

193,717

185,846

178,510

$1,750

291,890

276,870

263,039

250,281

238,496

227,594

217,493

208,122

199,414

191,312

183,761

$1,800

300,225

284,780

270,554

257,432

245,310

234,097

223,707

214,068

205,112

196,778

189,011

$1,850

308,565

292,690

278,069

264,583

252,124

240,600

229,922

220,015

210,809

202,244

194,261

$1,900

316,905

300,600

285,585

271,734

258,938

247,102

236,136

225,961

216,507

207,710

199,512

$1,950

325,240

308,510

293,100

278,885

265,752

253,605

242,350

231,907

222,204

213,175

204,762

$2,000

333,585

316,420

300,616

286,036

272,566

260,108

248,564

237,854

227,902

218,642

210,012

 

 

Curtis Russell • CENTURY 21 Russell Realty, Inc . • 100 Seven Oaks Lane, Summerville, SC 294858514
phone (843) 871-1710 • fax (843) 871-1714 • office@century21russell.com<a href="http://www.century21.com" target="_blank">

© Century 21 Real Estate LLC. CENTURY 21® is a registered trademark licensed to Century 21 Real Estate LLC. Equal Housing Opportunity. Each Office is Independently Owned and Operated.