Mortgage Rates and Factors to calculate payments

Mortgage Rates and Factors to calculate payments

When calculating mortgage payments, there are quick factors that can be used for a particular interest rate. For example, if the interest rate is 5.95% then the factor is 6.37 per $1,000 in mortgage, thus if you want to know the payments on a $120,000 mortgage at 5.95% then you would multiply $120,000 x 6.37/1,000 = $764.40

The table below shows current rates and their factors.

Discounted Rate (OAC)/ Cost Factor per Thousand

1 Year 6.00% / $6.40

2 Year 6.10% / $6.46

3 Year 6.05% / $6.43

4 Year 5.95% / $6.37

5 Year 5.79% / $6.27

7 Year 6.20% / $6.51

10 Year 6.30% / $6.58

5 Year Variable 5.15% / $5.90

See my mortgage calculators at this page: http://www.mississauga4sale.com/mortgage-payment-calculator.htm

read more about Mortgage Interest Rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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