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Guide To Single Family Home Mortgage Insurance
Interest Rate
The interest rate a borrower pays for the mortgage is negotiated between the borrower and the lender. Interest rates fluctuate daily, depending on conditions in the mortgage market. It is always a good idea to check with several mortgage lenders to make sure you are getting the best interest rate available.
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The following chart shows how the principal and interest on your mortgage will vary according to the interest rate.
| Monthly Payment for Principal and Interest on a 30-Year Fixed Rate Level Payment Mortgage | ||||
| Mortgage Amount |
Interest Rate | |||
| 7.0% | 8.0% | 9.0% | 10.0% | |
| $50,000 | 333.00 | 367.00 | 402.50 | 439.00 |
| $60,000 | 399.60 | 440.40 | 483.00 | 526.80 |
| $70,000* | 466.20 | 513.80 | 563.50 | 614.60 |
| $80,000* | 532.80 | 587.20 | 644.00 | 702.40 |
| $90,000* | 599.40 | 660.60 | 724.50 | 790.20 |
| $100,000 | 665.30 | 734.00 | 805.00 | 877.57 |
| $110,000 | 732.00 | 807.14 | 885.08 | 965.33 |
| $120,000 | 798.36 | 881.00 | 965.55 | 1,053.09 |
*The maximum loan limits are adjusted annually. Check with your lender or visit HUD's Website at https://entp.hud.gov/idapp/html/hicostlook.cfm.
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_________________________ Table of Contents How FHA Mortgage Insurance Works Who Can Get an FHA-Insured Mortgage? Types of Mortgages FHA Insures Shopping for an FHA-Insured Loan Initial Investment (Down payment) Closing Costs and Prepaid Items Payments on an FHA-Insured Mortgage Limits on FHA-Insured Mortgages The Most Frequently Used FHA Mortgage Insurance Programs Other FHA Mortgage Insurance Programs For more information on these and other FHA programs, please contact your local FHA approved lender. Source: General Services Administration
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