Building Research Council 
School of Architecture  University of Illinois at Urbana-Champaign

 

Financing the Home

The purchase of a home is the largest single investment you make in a lifetime. Housing costs account for the largest single monthly expense in your budget. This Council Note, Financing the Home, can help you plan a realistic budget for purchasing a home. And it will show you how to shop for a mortgage.

Sample Financing Information

To figure out if you can afford a certain mortgage amount, use this Payment Table to determine your monthly house payment. This table gives you the monthly payment for each $1,000 borrowed. To figure out how much per month your mortgage will be, multiply by the number of thousands you will borrow.
For example, if the interest rate is 13%, and the loan lasts for 25 years, you see that the monthly payment per $1,000 is $11.28. If you want to borrow $68,000, you would multiply 68 x 11.28 = $767.04. This gives you the amount of monthly payment.
Payment Table
(Monthly payment for each $1,000 borrowed)
Int.Rate 5 Yrs. 10 Yrs. 15 Yrs. 20 Yrs. 25 Yrs. 30 Yrs.
4%
 $18.42 $10.12 $7.40 $6.06 $5.28 $4.77
5%
 $18.87 $10.61 $7.91 $6.60 $5.85 $5.37
6%
 $19.33 $11.10 $8.44 $7.16 $6.44 $6.00
7%
 $19.80 $11.61 $8.99 $7.75 $7.07 $6.65
8% 
 $20.28 $12.13  $9.56  $8.36  $7.72  $7.34
 9% 
 $20.76 $12.67 $10.14 $9.00 $8.39 $8.05
10% 
 $21.25 $13.22 $10.75 $9.65 $9.09 $8.75
11% 
 $21.74  $13.78 $11.37 $10.31 $9.80 $9.52
12% 
 $22.24 $14.35 $12.00 $11.01 $10.53 $10.29
13% 
 $22.75 $14.93 $12.65 $11.71 $11.28 $11.06
14% 
 $23.27 $16.13 $14.00 $13.17 $12.81 $12.64
15% 
 $23.79 $16.13 $14.00 $13.17  $12.81 $12.64
General information about the Building Research Council: brc@uiuc.edu
Publications information at the Building Research Council:  arch-orders@uiuc.edu

Maintained by Webmaster@school.arch.uiuc.edu
 Last updated 7/25/01 sdp
Back to Help For the Homeowner
Go back to the Building Research Council Home Page