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30 Year House Payment Chart
The 30 year house payment chart builds a payment chart for the most popular mortgage term, which is 30 years in length. A few years back, 95% of all mortgages made to home buyers were for 30 years. Still, this is the most popular mortgage length. However, because interest rates are now so low and because the housing market is yielding homes with much lower prices than it did a few years ago, there is more interest these days and shorter term loans. For this reason, house payment char dot com also has charts for 10 years, 15 years, and 20 years available.
More and more, lenders are pushing twenty-year mortgages. So, after you print out your 30 year mortgage, you may want to print out a chart for a 20 year mortgage as well. This way you would be able to compare the monthly payments needed for both mortgage terms and see if you can afford the shorter term. If you can, it is always wiser to go with the shorter term because a great deal of money can be saved in those years where the shorter term mortgage is paid and the longer-term mortgage is still costing money.
Of course, it is a moot point if the shorter term mortgage drives the monthly payment up to the point where you can no longer afford it. In other words, pushing too hard to lock yourself into a shorter term mortgage that yields a monthly payment that is unaffordable will backfire. It is much wiser to go ahead and stick with the longer-term if it could possibly prevent you from being foreclosed upon.
Recently, house payment chart has changed its 30 year mortgage chart. Until this recent times, the chart calculated mortgage payments for all interest rates between 4% and 9.5%. Now, as unbelievable as it may seem, 4% is not low enough a figure to show you all the possible monthly payments you may encounter. Therefore, we have changed our interest rate range to include 3% to 8.5% loans.
The mortgage amounts the chart calculates for is still a same. It starts with $50,000 and continues to $750,000 in increments of $25,000. This is true of not only the 30 year chart but also the 40 year chart and the charts for the shorter terms as well.
All you have to do to build the chart is click the button that says "click to build house payment chart." The chart that is built is made to be printed out on an 8.5" x 11" paper. This way, you can keep a hard copy of the house payment chart and not have to refer to your computer if you don't want to.
Chart For 30 Year Mortgage
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