Selectcalculators.com starts off each week by reviewing the current mortgage rates from the top five U.S. banks and using these rates to calculate monthly mortgage payments with the online mortgage payment calculator.
The bank mortgage rates used are from the top five largest banks, include: Chase Bank mortgage, Bank of America mortgage, Citibank mortgage, Wells Fargo mortgage and US Bank mortgage. The mortgage rates are for owner occupied, single family homes with a minimum 20% down payment and generally requires very good credit in order to obtain the listed rates.
The following mortgage rates dated as of March 7, 2101 were input into the mortgage calculator to calculate current monthly mortgage payments on a $200,000.00 home loan. The monthly mortgage payment results returned from the mortgage payment calculator are for principal and interest only and do not include taxes and insurance.
Chase Bank Mortgage 30 year rate is 5.000% with 1.375 points and a 5.194% APR. The monthly mortgage payment for a $200,000.00 home loan with this rate according to the mortgage payment calculator would be $1,073.64 per month.
Wells Fargo 30 year rate is 4.875% with 1 point and a 5.065% APR resulting in a $1,058.42 per month payment on the $200,000.00 using the mortgage payment calculator.
US Bank 30 year rate is 4.875% with 1 point and a 5.029% APR which also returns a $1058.42 monthly mortgage payment.
Bank of America 30 year rate is 4.875% with 0.875 points with a 4.987% APR reflecting a $1,058.42 monthly payment based on the mortgage calculator.
Citibank Mortgage 30 year is at 5.00% with 0.50 points and a 5.259% APR, the mortgage payment calculator calculates a $1,073.64 per month payment on this loan.
The average monthly mortgage payment based on this week’s mortgage rates came in at $1,064.51. Down payment requirements have escalated on conventional loans in the past two years making the cost of acquiring home rise, but with mortgage rates continuing to hover near their low point for the past several years, the monthly payment remains low.
Mortgage loan rates are subject to change. Mortgage loans are conditional upon bank approval which requires a review of assets, income, credit and property value.
The free mortgage payment calculator is good start to discovering home affordability and comparing mortgage rates and loan offers from different banks.
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