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Your Mortgage Payment

For most people who are house-shopping, the question “what can we afford” does not refer directly to the price of the house but to the monthly payment that will be required. After all, that’s the money you will be paying out each month. Trying to decide whether you can afford a $150,000 or a $200,000 house is next to impossible, but deciding whether you can afford $600, $800, or $1,200 a month is a lot easier.

It might be helpful to start by getting some idea of what the mortgage payment is for specific mortgage rates and amounts. Table 8.1 lists the monthly payment for fixed rate 30-year mortgages at various amounts and rates.


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