Monthly payments for a 30-year, fixed-rate mortgage
| Loan amount | 6% | 6.5% | 7% | 7.5% | 8% |
| $50,000 | 299.78 | 316.03 | 332.66 | 349.61 | 366.89 |
| $60,000 | 359.73 | 379.24 | 399.19 | 419.53 | 440.26 |
| $70,000 | 419.69 | 442.45 | 465.72 | 489.46 | 513.64 |
| $80,000 | 479.64 | 505.65 | 532.25 | 559.38 | 587.02 |
| $90,000 | 539.60 | 568.86 | 598.77 | 629.29 | 660.39 |
| $100,000 | 599.55 | 632.07 | 665.30 | 699.22 | 733.77 |
| $110,000 | 659.51 | 695.27 | 731.83 | 769.14 | 807.14 |
| $120,000 | 719.46 | 758.48 | 798.36 | 839.06 | 880.52 |
Using the mortgage calculator: Find the current interest rate and locate the closest figure to the amount you estimated on line 6 of the worksheet. Scan to the left to see how big a mortgage you can afford.
Source: "National Mortgage Investment Co."Compute the down payment by dividing the mortgage amount by 0.9 for a 10 percent down payment or 0.8 for a 20 percent down payment. Remember that lenders require two months' income in the bank after the loan closes. Also private mortgage insurance may be required if the down payment is less than 20 percent.
Example: For a $90,000 mortgage with a 10 percent down payment:
$90,000 divided by 0.9 = $100,000 (purchase price)
$100,000 minus $90,000 = $10,000 (down payment)
Don't forget to allow for closing costs, which can total 4.5 percent of the loan amount.
Source: "The Survivor's Guide to Financing Your Home"