The Old Way:
Multipliers for 30 Year Mortgage Payements
|
Annual %
|
$/Mo/K
|
|
6.00
|
6.00
|
|
6.25
|
6.16 |
|
6.50
|
6.32
|
|
6.75
|
6.49
|
|
7.00
|
6.65
|
|
7.25
|
6.82
|
|
7.50
|
6.99
|
|
7.75
|
7.16
|
Worked Example:
$100k Mortgage, 30yrs, 7.00%
100 x 6.65 = $665.00/mo
Then add:
- Annual taxes/12
- Annual insurance/12
- Any other annual fees/12
Note benefit at right of making regular, additional payments; $500 added each month shortens a 30 yr commitment to 9 yr, 11 mo, and puts over $100k back into your pocket! (By the way, that's tax free!)
Hmmm . . .
