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10 Year House Payment ChartThis 10 year house payment chart is a new addition to house payment chart dot com. Previously, this website included payment charts for 15 year, 20 year, 30 year and 40 year loans and mortgages. Recently, because interest rates have continued to fall, more people are becoming interested in getting mortgages with shorter terms.
This, of course, is a wise thing to do because paying a mortgage off in a shorter time can save a lot of money over the entire term of the mortgage. For instance, a 40 year mortgage will have much lower monthly payments than a 20 year mortgage, for instance, but the percentage of the monthly payment that is going toward paying down the principal of the loan will be much smaller with a 40 year loan.
With the shorter term loans of 10 years and 15 years, the percentage of each monthly payment that goes toward paying down the principal of the mortgage or loan is much greater. Therefore, the shorter term loans are becoming more popular.
There was a time there was not too much interest in 10 year mortgages. The reason for this is the fact the monthly payment would be so high not too many people would qualify for the loan. Therefore, most people would apply for 30 year mortgages. In fact, it was even becoming more popular to apply for 40 year mortgages. This is because the prices of homes were getting higher and most buyers needed a longerterm in order to make the monthly payments manageable.
However, recently the housing market has become soft, so to speak and this means housing prices are becoming lower and many more people can qualify for mortgages of 10 and 15 years and still have a monthly payment they can handle. Of course, if housing prices start to rise or if interest rates rise, fewer and fewer people will be applying for these loans. However, at this particular time there is a lot of interest in these short term mortgages.
Using this website could not be simpler. All you have to do is click the button below that says "click to build house payment chart" and the payment chart will open up on a new page. The house payment chart will show interest rates on the top row. These rates range from 3% to 8.5%. In the first column on the left side are the mortgage amounts starting with $50,000 and continuing down to $750,000 in increments of $25,000.
Where the X and the Y axis intersect is the amount of the monthly payment will be to on the mortgage each month. Bear in mind, before you sign on the dotted line for the mortgage, it is likely you will be paying additional amounts monthly in escrow for your insurance and local taxes. This means you could actually be paying another 200 or $300 monthly. Chart For 10 Year MortgageClick Below:

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