Folks, if you’re looking to buy your first home in Cary, NC or even if you are a seasoned home buyer & buying a home in Raleigh, the chart below will help you determine the principal and interest based on the current interest rate.
By giving your approximate house payment, this table helps you stay within your price range. To calculate the principal and interest portion of your monthly house payment, first divide the loan amount by $1,000. Then multiply that number by the principal and interest payment factor. So here is a Kevin Martini example: if a $100,000 house is being purchased with a 30-year mortgage term, take the following steps:
- $100,000 / $1,000 = $100
- 30-year loan @ 5.000% = 5.37 P&I Factor
- 5.37 P&I Factor x $100 = $537
Monthly house payment for principal and interest would be approximately $537.* (*now remember, this is ONLY principal and interest. Taxes and insurance are separate & in addition too.)
The Kevin Martini Monthly Principal and Interest Payment Factors (per $1,000)
| Interest Rate | 15-Year Term | 30-Year Term |
| 4.00% | 7.40 | 4.77 |
| 4.13% | 7.46 | 4.85 |
| 4.25% | 7.52 | 4.92 |
| 4.38% | 7.59 | 4.99 |
| 4.50% | 7.65 | 5.07 |
| 4.63% | 7.71 | 5.14 |
| 4.75% | 7.78 | 5.22 |
| 4.88% | 7.84 | 5.29 |
| 5.00% | 7.91 | 5.37 |
| 5.13% | 7.97 | 5.44 |
| 5.25% | 8.04 | 5.52 |
| 5.38% | 8.10 | 5.60 |
| 5.50% | 8.17 | 5.68 |
| 5.63% | 8.24 | 5.76 |
| 5.75% | 8.30 | 5.84 |
| 5.88% | 8.37 | 5.92 |
| 6.00% | 8.44 | 6.00 |
| 6.13% | 8.51 | 6.08 |
| 6.25% | 8.57 | 6.16 |
| 6.38% | 8.64 | 6.24 |
| 6.50% | 8.71 | 6.32 The Kevin Martini Monthly Principal and Interest Rate Chart |
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