Consider a typical Phoenix home that sells for $275,961. You put down 20% and get a 30-year fixed-rate mortgage at today’s rate of 5.5%. Monthly principal and interest come to $1,566.88. Let’s say that 12 months from now the same house goes for 10% less, or $248,364.9. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise a point, to 6.5%, your monthly payment would be $1,569.84 and you’d have saved nothing. Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you’d rather not be.
The figures listed below will provide you with an estimated Principal & Interest payment based on the mortgage amounts indicated. Any down payment made towards the Purchase price of a home will reduce the Mortgage Loan amount. Taxes and Insurance will be added to these figures.
| $200,000 | $250,000 | $300,000 | $350,000 | $400,000 | $450,000 | |
|---|---|---|---|---|---|---|
| 3.00% | $843.21 | $1,054.01 | $1,264.81 | $1,475.61 | $1,686.42 | $1,897.22 |
| 3.25% | $870.41 | $1,088.02 | $1,305.62 | $1,523.22 | $1,740.83 | $1,958.43 |
| 3.50% | $898.09 | $1,122.61 | $1,347.13 | $1,571.66 | $1,796.18 | $2,020.70 |
| 3.75% | $926.23 | $1,157.79 | $1,389.35 | $1,620.90 | $1,852.46 | $2,084.02 |
| 4.00% | $954.83 | $1,193.54 | $1,432.25 | $1,670.95 | $1,909.66 | $2,148.37 |
| 4.25% | $983.88 | $1,229.85 | $1,475.82 | $1,721.79 | $1,967.76 | $2,213.73 |
| 4.50% | $1,013.37 | $1,266.71 | $1,520.06 | $1,773.40 | $2,026.74 | $2,280.08 |
| 4.75% | $1,043.29 | $1,304.12 | $1,564.94 | $1,825.77 | $2,086.59 | $2,347.41 |
| 5.00% | $1,073.64 | $1,342.05 | $1,610.46 | $1,878.88 | $2,147.29 | $2,415.70 |
| 5.25% | $1,104.41 | $1,380.51 | $1,656.61 | $1,932.71 | $2,208.81 | $2,484.92 |
| 5.50% | $1,135.58 | $1,419.47 | $1,703.37 | $1,987.26 | $2,271.16 | $2,555.05 |
| 5.75% | $1,167.15 | $1,458.93 | $1,750.72 | $2,042.50 | $2,334.29 | $2,626.08 |
| 6.00% | $1,199.10 | $1,498.88 | $1,798.65 | $2,098.43 | $2,398.20 | $2,697.98 |
| 6.25% | $1,231.43 | $1,539.29 | $1,847.15 | $2,155.01 | $2,462.87 | $2,770.73 |
| 6.50% | $1,264.14 | $1,580.17 | $1,896.20 | $2,212.24 | $2,528.27 | $2,844.31 |
| 6.75% | $1,297.20 | $1,621.50 | $1,945.79 | $2,270.09 | $2,594.39 | $2,918.69 |
| 7.00% | $1,330.60 | $1,663.26 | $1,995.91 | $2,328.56 | $2,661.21 | $2,993.86 |
| 7.25% | $1,364.35 | $1,705.44 | $2,046.53 | $2,387.62 | $2,728.71 | $3,069.79 |
| 7.50% | $1,398.43 | $1,748.04 | $2,097.64 | $2,447.25 | $2,796.86 | $3,146.47 |
| 7.75% | $1,432.82 | $1,791.03 | $2,149.24 | $2,507.44 | $2,865.65 | $3,223.86 |
| 8.00% | $1,467.53 | $1,834.41 | $2,201.29 | $2,568.18 | $2,935.06 | $3,301.94 |
| 8.25% | $1,502.53 | $1,878.17 | $2,253.80 | $2,629.43 | $3,005.07 | $3,380.70 |
| 8.50% | $1,537.83 | $1,922.28 | $2,306.74 | $2,691.20 | $3,075.65 | $3,460.11 |
| 8.75% | $1,573.40 | $1,966.75 | $2,360.10 | $2,753.45 | $3,146.80 | $3,540.15 |
| 9.00% | $1,609.25 | $2,011.56 | $2,413.87 | $2,816.18 | $3,218.49 | $3,620.80 |