# Principal & Interest Payment Factors

By
Real Estate Agent with Keller Williams Grand Rapids North
http://actvra.in/7My

Monthly Principal and Interest Rate Chart

If you're looking to buy a home or refinance the one you already own, this chart will help you determine a fully amortized principal and interest payment. My hope is this table will help you stay within your price range or payment goal. This chart only calculates the principal and interest payment only.  This chart does not calculate property taxes, home owners insurance, private mortgage insurance (PMI) or association dues.  If you are purchasing a home, a Realtor, builder or even I will be able to provide the remaining payment details.  To calculate the principal and interest portion of the monthly payment, first divide the loan amount by \$1,000. Then multiply that number by the principal and interest payment factor. For example, if a \$150,000 loan amount is desired on a 20 year fixed rate, then follow these steps:

1.     \$150,000 / \$1,000 = \$150

2.     20 year loan @ 5.500% = 6.88 P&I Factor

3.     6.88 P&I Factor x \$150 = \$1032 per month

For interest only loans, a chart is not necessary.  Simply multiply the rate by the loan amount and divide by 12.  For example, a \$150,000 loan amount with a rate of 5.500% would be calculated as follows:

1.     \$150,000 x 5.500% = \$8250

2.     \$8250 / 12 months = \$687.50 per month

For adjustable rate mortage, follow the same steps for a fixed rate mortgage and use the payment factor from the 30 year term.

Monthly Principal and Interest Payment Factors (per \$1,000)

 Interest Rate 15-Year Term 20-Year Term 30-Year Term & ARM Loans 4.00% 7.40 6.06 4.77 4.13% 7.46 6.13 4.85 4.25% 7.52 6.19 4.92 4.38% 7.59 6.26 4.99 4.50% 7.65 6.33 5.07 4.63% 7.71 6.39 5.14 4.75% 7.78 6.46 5.22 4.88% 7.84 6.53 5.29 5.00% 7.91 6.60 5.37 5.13% 7.97 6.67 5.44 5.25% 8.04 6.74 5.52 5.38% 8.10 6.81 5.60 5.50% 8.17 6.88 5.68 5.63% 8.24 6.95 5.76 5.75% 8.30 7.02 5.84 5.88% 8.37 7.09 5.92 6.00% 8.44 7.16 6.00 6.13% 8.51 7.24 6.08 6.25% 8.57 7.31 6.16 6.38% 8.64 7.38 6.24 6.50% 8.71 7.46 6.32 6.63% 8.78 7.53 6.40 6.75% 8.85 7.60 6.49 6.88% 8.92 7.68 6.57 7.00% 8.99 7.75 6.65 7.13% 9.06 7.83 6.74 7.25% 9.13 7.90 6.82 7.38% 9.20 7.98 6.91 7.50% 9.27 8.06 6.99 7.63% 9.34 8.13 7.08 7.75% 9.41 8.21 7.16 7.88% 9.48 8.29 7.25 8.00% 9.56 8.36 7.34 8.13% 9.63 8.44 7.42 8.25% 9.70 8.52 7.51 8.38% 9.77 8.60 7.60 8.50% 9.85 8.68 7.69 8.63% 9.92 8.76 7.78 8.75% 9.99 8.84 7.87 8.88% 10.07 8.92 7.96 9.00% 10.14 9.00 8.05 9.13% 10.22 9.08 8.14 9.25% 10.29 9.16 8.23 9.38% 10.37 9.24 8.32 9.50% 10.44 9.32 8.41 9.63% 10.52 9.40 8.50 9.75% 10.59 9.49 8.59 9.88% 10.67 9.57 8.68 10.00% 10.75 9.65 8.78 10.13% 10.82 9.73 8.87 10.25% 10.90 9.82 8.96 10.38% 10.98 9.90 9.05 10.50% 11.05 9.98 9.15 10.63% 11.13 10.07 9.24 10.75% 11.21 10.15 9.33 10.88% 11.29 10.24 9.43 11.00% 11.37 10.32 9.52 11.13% 11.44 10.41 9.62 11.25% 11.52 10.49 9.71
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Rainmaker
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Lola Audu
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate
Hi Kevin, this is helpful information.  Thank for posting for the benefit of agents in the Greater Grand Rapids area.
February 02, 2008 10:47 AM
Rainmaker
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Kevin Fase
Keller Williams Grand Rapids North

Thanks Lola, glad to hear it helps.

February 02, 2008 10:56 AM
Anonymous
Rubina

Hi

i am studying real estate if any one knows how to calculate the payment factor pls email me with the info.

thanks

March 05, 2010 08:41 PM
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