The Selectcalculators.com mortgage payment analysis survey shows monthly mortgage payments on the 30 year fixed rate mortgage are up marginally for the week ending March 12, 2010.
Selectcalculators.com performs a weekly survey of mortgage rates at the top five largest U.S. banks and uses that data to evaluate monthly mortgage payments with the mortgage payment calculator.
The average rate this week on a 30 year fixed rate home loan from the top five banks is 5.00% with 0.43 points. Using the free mortgage payment calculator and the average mortgage rate produced by the survey, the monthly payment for a $200,000.00 home loan on a 30 year term would be $1,073.64.
The monthly payment is higher this week by $8.54. Last week’s average rate from the top five largest banks was 4.93%, yielding a monthly payment of $1,065.10 based on the results of the mortgage payment calculator.
The average rate for a 15 year mortgage loan, based on the weekly rate survey, stood at 4.38% with 0.38 points. Employing the mortgage payment calculator with this mortgage rate, the monthly payment for a $200,000.00 home loan on a 15 year term would be $1,415.29.
The mortgage rates obtained are for owner occupied, single family homes with a minimum 20% down payment. Mortgage rates were obtained from the top five banks which includes: Chase Bank, Bank of America, Citibank, Wells Fargo and US Bank
Inputting the mortgage rates on the 30 year home loan for each bank into the mortgage payment calculator yields the following results:
Chase Bank Mortgage 30 year rate is 5.125% with 0.250 points and a 5.207% APR. The monthly mortgage payment for a $200,000.00 home loan with this rate according to the mortgage payment calculator would be $1,088.97 per month.
Bank of America offers the 30 fixed rate mortgage at 4.875% with 0.75 points and an APR of 5.001%. The monthly payment based on the results of the online mortgage payment calculator comes in at $1,058.42
Citibank markets the 30 year with a mortgage rate of 5.125% and 0.125 points and a 5.317% APR with a monthly payment of $1,088.97.
Wells Fargo Home Loan is at 4.875% on the 30 year fixed with 1.00 point and a 5.034% APR. $1,361.22 is the monthly payment for this loan.
US Bank promotes a 30 year fixed rate home loan with a mortgage rate of 5.00% and no points with an APR of 5.066% leading to a $1,073.64 monthly mortgage payment.
The following mortgage rates are dated as of March 12, 2101. The monthly mortgage payment results returned from the mortgage calculator are for principal and interest only and do not include taxes and insurance.
Mortgage loan comparisons based on the mortgage rate alone does not perform a thorough comparison of loan products, some mortgage loans include higher closing costs in the form of points charged and other fees. Before choosing the mortgage loan and mortgage lender to work with, compare the mortgage rate along with the costs of obtaining that home loan.
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