What Would A 30 Year Mortgage Payment Be On 190,000 Loan?


4 Answers

Connor Sephton Profile
Connor Sephton answered
It is difficult to say what your mortgage payments would be because there are so many variables when it comes to mortgages, such as the interest rate, which depends on things like your credit worthiness (the worse your credit rating, the higher the interest rate); what kind of mortgage you takes out; and whether you opt for a repayment mortgage or an interest only type.

Typically, interest rates at the moment vary from between 2.49 per cent to 6.1 per cent, so there will a huge difference in the monthly repayments for these rates. £190,000 over 30 years at 2.49 per cent means that the total monthly payment for a straight repayment mortgage will be £755.47. That includes both interest and payment towards the capital loan amount. With this type of mortgage, the amount that is owed on the capital is reduced on a monthly basis as you make your payments.

If you opt for an interest-only mortgage, the monthly repayments at the same rate of interest will be £394.25, but remember that you will need to have this type of mortgage linked to an endowment, ISA or pension savings policy so you will need to make those payments too.

The same figure, £190,000 with an interest rate of 6.1 per cent will mean that monthly repayments for a repayment type mortgage will be £1162.61, and an interest-only payment will be £965.83.

If you know exactly what interest you will be paying, there are lots of online mortgage calculators so you will be able to work out your payments quite easily.
Jeremy Brannon Profile
Jeremy Brannon answered
That would depend on the interest rate, as well as your credit rating. Right now in Louisiana it's around 5.2 or 5.3% for a 30 year loan.

So the total you will owe is 190,000*1.053 = 200,070

Now divide the total by the number of months: 200,070/(30*12) = $555.75/month

That won't be exact since it will vary by location, credit rating, etc. But it will probably be between 545 and 600, depending on where you are at.

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