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Pagar para su Nueva Casa: Parte 2 Préstamos de Hipotecas Amortizados

Affording Your New Home: Part 2 Amortized Mortgage Loans

By Allison Kane

When buying a home, a homeowner must consider the characteristics of an amortized mortgage loan. Over the life of your loan, your mortgage amortizes. That's the process by which you gradually pay down the loan. In the early years of your mortgage, most of your payment goes toward interest. As years go by, your payment gradually shifts between principal and interest until, by the last year, almost all your payment is toward principal.

There is a mind-boggling assortment of types of mortgages to choose from--such as fixed-rate or adjustable rate.  A fixed-rate mortgage is the most common and typically the monthly mortgage payment remains the same throughout the life of the loan.  While an adjustable rate mortgage has an interest rate that fluctuates.  Lastly there are also terms to choose from, such as 15, 20, or 30 years.

If you can afford the bigger monthly payments that come with a 15-year mortgage, you'll drastically reduce the total interest you pay over the life of the loan.

The tables below show you the total interest paid over the life of a loan for a 15-, 20-, and 30-year mortgage. Each table assumes a $150,000 loan and a $30,000 down payment on a house priced at $180,000.

Use these tables to get an idea of what your monthly payments will be. Remember to allow for property taxes and property insurance. For more specific information, talk with a mortgage loan officer at the credit union.

What Will My Monthly Mortgage Payment Be?

30-year mortgage

Interest rate

Monthly payment*

Total interest paid over life of loan**

4.0%

$716

$107,804

4.5

760

123,610

5.0

805

139,884

5.5

852

156,606

6.0

899

173,757

6.5

948

191,317

7.0

998

209,263

7.5

1,049

227,576

8.0

1,101

246,233

8.5

1,153

265,213

9.0

1,207

284,496

9.5

1,261

304,061

10.0%

$1,316

$323,889

 

20-year mortgage

Interest rate

Monthly payment*

Total interest paid over life of loan**

4.0%

$909

$68,153

4.5

949

77,754

5.0

990

87,584

5.5

1,032

97,639

6.0

1,075

107,915

6.5

1,118

118,406

7.0

1,163

129,108

7.5

1,208

140,014

8.0

1,255

151,118

8.5

1,302

162,416

9.0

1,350

173,901

9.5

1,398

185,567

10.0%

$1,448

$197,408

 

15-year mortgage

Interest rate

Monthly payment*

Total interest paid over life of loan**

4.0%

$1,110

$49,716

4.5

1,147

56,548

5.0

1,186

63,514

5.5

1,226

70,613

6.0

1,266

77,841

6.5

1,307

85,199

7.0

1,348

92,684

7.5

1,391

100,293

8.0

1,433

108,026

8.5

1,477

115,880

9.0

1,521

123,852

9.5

1,566

131,941

10.0%

$1,612

$140,143


* Assumptions: fixed-rate mortgage and a loan amount of $150,000 after a down payment of $30,000; Monthly payment does not include private mortgage or property insurance or taxes.

** Figures are approximate

Source: CUNA's economic and statistics department

Published 8-1-2011

 

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