Monthly Payment Schedules
THE FOLLOWING SCHEDULE shows monthly payments per thousand dollars financed. To calculate your monthly payment:
- 1.Find your interest rate in the first column.
- 2.Move across to the appropriate column for your term.
- 3.Multiply that number by the number of thousand dollars financed.
If you are borrowing $150,000 at 6.50 percent interest for a 30-year term:
$6.32 X 150 (thousands) = $948.00 principal and interest payment
Thus, your monthly payment for both principal and interest is $948.