Ask Kim
Estimate Your Mortgage Payments
By Kimberly Lankford, Contributing Editor, Kiplinger's Personal Finance
February 6, 2002
It all depends on the interest rate you get on the mortgage and other costs that may be added into the monthly bill, such as any required escrow for property taxes and homeowners insurance. But we do have a few calculators that can give you a ballpark figure.
First, go to our find a mortgage link to check out rates where you'll be moving. Click on "jumbo loan," which you'll need when borrowing that much money. On the page listing the rates, press the link to the pop-up window for the monthly-payments calculator, which makes it easy to input the information while you're viewing the list. If you borrow $400,000 at 6.8%, for example, you'll have to pay $2,607 per month (not considering points you may have to pay up front or any additional charges). For more details, go to our separate How Much Will My Payments Be? calculator, which lets you input amounts for taxes and insurance and includes a table breaking down how much of each payment goes to interest vs. principal.
For more home-shopping strategies, including other factors to consider when determining your price range, go to our Home Buyer's Survival Kit, including our How Much House Can You Afford? calculator.