Mortgage Payment Examples

How Much Home Can You Afford?

The Westerra team is here to help you evaluate how much home you can afford. With our low mortgage rates, low closing costs and a variety of mortgage programs, it’s easy to choose Westerra as your local Colorado credit union mortgage team!

MORTGAGE PAYMENT COMPARISON - 30-Year fixed-rate loan, with a 20% down payment

INTEREST RATE 4% 4.25% 4.50%
MORTGAGE AMOUNT ESTIMATED MONTHLY PAYMENT APR* ESTIMATED MONTHLY PAYMENT APR* ESTIMATED MONTHLY PAYMENT APR*
$150,000 $716 4.102% $738 4.353% $760 4.605%
$200,000 $955 4.081% $984 4.333% $1,013 4.584%
$250,000 $1,194 4.069% $1,230 4.320% $1,267 4.571%
$300,000 $1,432 4.061% $1,476 4.312% $1,520 4.563%
$350,000 $1,671 4.055% $1,722 4.306% $1,773 4.557%
$400,000 $1,910 4.051% $1,968 4.302% $2,027 4.553%

The corresponding APR for each interest rate is provided next to the estimated monthly payment. For example, a mortgage amount of $200,000 with an estimated monthly payment of $984 and an interest rate of 4.25% would have an APR of 4.333%.

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*APR = Annual Percentage Rate. The payment amounts provided do not include homeowners insurance or property taxes which must be paid in addition to your loan payment. Your actual payment may be higher. Your loan's interest rate will depend on the specific characteristics of the loan transaction and your credit profile at the time of closing. Estimated closing costs used in the APR calculations are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Rates are current as of 8/18/15 and are subject to change. Equal Housing Opportunity.

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