Your monthly payment
(PITI) is the sum of four items - the principal on the loan (P), the
interest on the loan (I), property taxes (T), and homeowner's insurance
(I). To predict your monthly payment for a 30 year fixed rate loan, use
the following table to determine the principal and interest part of the
payment. Simply divide the loan amount by 1,000 and then multiply that
figure by the appropriate interest rate factor from the table below. To
that sum add 1/12th the amount of your yearly taxes and 1/12th the amount
of your yearly insurance premium. This will give you your PITI
payment.
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30 Yr Fixed
15 yr Fixed
5/1 ARM
For example: If your mortgage loan amount is
$150,000, your interest rate is 7.0% you would
multiply 150 by 6.65 resulting in a value of
$997.50. Add your monthly insurance premium (approximately $25 - $75 per
month) and your property tax (approximately your purchase price x 1.25%
/12) to your principal and interest. This is your estimated monthly
payment.
