Currently, 30 year fixed mortgage rates have been at or hovering around 6.00% for most of the year. With rates exactly at 6% today here is how to calculate your monthly mortgage payment--
Every $10,000 you borrow costs you $60 a month.
Every $100,000 you borrow costs you $600 a month.
Thus, if you borrow $220,000 on your new mortgage your principal and interest payment will be $ 1,320 approximately. Now this payment does not include your payments for property taxes, homeowner's insurance or mortgage insurance if needed.
Most people are surprised by how little money they save if they put an extra $10,000 down. This is why I normally recommend you keep YOUR money in the bank and not in your house under the mattress. Keep your money where it is safe and you can get to it in an emergency such as illness, death, or job loss.
Don't forget this maxim: It's better to have and not need, then to need and not have.
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