Not Financial Advice: Mortgage monthly payment depends on the amortization period and the current interest rate.
For 30 years, at 7% interest rate, your monthly repayment for a $135,000 mortgage is $898.16.
- $898.16 (paying $323,-337.60 in total of which $188,337.60 would be interest) = 30 years
- $1,046.65 (paying $251,196 in total of which $116,196 would be interest) = 20 years
- $1,213.42 (paying $218,415.60 in total of which $83,415.60 would be interest) = 15 years
In mortgage news, mortgage rates have been quoted higher at Bank of America, which is in line with other major lenders. The benchmark 30-year fixed rate mortgage has been quoted at 4.375% with an APR of 4.500%. The popular 15-year FRM is advertised at 3.375% with an APR of 3.671%. Read more at US Finance Post.