Question:

I am having a fixed rate mortgage for $250,000 at 6.25% for 30 years – how much is the monthly payment?

Answer:

A fixed rate mortgage for $250,000 at 6.25% for 30 years makes a monthly payment around $1540. This is only principal and interest. Taxes and insurance will add up to that figure.

Calculating Fixed Rate Mortgage Monthly Payment

Use online mortgage calculators to get a feel for your monthly mortgage payments. Fixed rate mortgage payments calculators are widely available. Even if different calculators show slightly different amounts for the fixed payment, the difference should not be abrupt.

Of course, having the loan officer run the numbers for you is always an option.

Also, freeware mortgage payment calculation software may be downloaded online. Mortgage software products can be great tools for the borrower to calculate not only fixed rate mortgage monthly payment, but also the monthly payment for more complex mortgage products.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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