Not Financial Advice: Your mortgage monthly payment depends on the amortization period and the current interest rate.
At 4% interest rate, your monthly repayment for a $150,000 mortgage, payable in 15 years is $1109.53.
- $908.97 (paying $218,152.80 in total of which $68,152.80 would be interest) = 20 years
- $791.76 (paying $237,528 in total of which $87,528 would be interest) = 25 years
- $716.12 (paying $257,803.20 in total of which $107,803.20 would be interest) = 30 years
Find current mortgage interest rates at Bank of America.
Check out some tips for mortgage borrowers in 2014 at Fox Business.
In the news, average U.S. long-term mortgage rates were recently stable to slightly higher, remaining near their lows for the year. Mortgage company Freddie Mac said that the nationwide average for a 30-year loan was 4.13 percent, unchanged from the past weeks. The average for the 15-year mortgage, a popular choice for people who are refinancing, edged up to 3.26 percent from 3.23 percent. Read more at USA Today.