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40 Year House Payment Chart

40 years is the longest term of all mortgages available, at least, a so-called "conforming mortgage." This is because a longer-term, such as 50 years is just not practical. In the first few years of 50 year mortgage very little if any principle is paid. Therefore by the time a 50 year mortgage is paid to the point there is 40 years left on the mortgage, just about the same amount of principle would be owed as would be on a new 40 year mortgage.

 

40 year mortgages are not as popular as they were a few years ago. This is because back then houses were becoming unaffordable and the only way many people could qualify for a monthly payment they could afford was to get a 40 year mortgage instead of a 30 year mortgage. Now however, interest rates are very low and housing prices are also very low. Therefore, most people can afford to get a straight 30 year mortgage.

 

Still, a 40 year mortgage can be enticing. A case in point would be on a 3.5% interest rate, which many people may be able to qualify for these days; a 40 year mortgage would yield a monthly payment of less than $2,000 on a $500,000 mortgage. This is incredible because many people can afford to pay a mortgage of $2,000 monthly and therefore, these people would be able to pay a $500,000 mortgage. This means many regular average blue-collar workers can afford a home that is of very high value.

 

It is for this reason many people are still interested in 40 year mortgages and so house payment chart dot com has included a 40 year chart in its arsenal. However, for those looking for shorter-term mortgages, house payment chart also has 10 year, 15 year, and 20 year charts available. Of course the old standby 30 year mortgage chart is also available.

 

Building your chart is as simple as clicking the button that says "click to build house payment chart." After you have done this, a chart will appear before your very eyes that will show all monthly mortgage payments on any mortgage possible between 3% and 8.5% interest and between $50,000 and $750,000 principal. So, if you are on this page, the 40 year house payment chart page will show you all the monthly payments for just about every 40 year mortgage conceivable.

 

Then, if you would like to compare these payments with a shorter term mortgage, for instance, 20 years or 30 years, you can simply go to the corresponding page and build that payment chart. These charts are made to be printed out on an 81/2" by 11" piece of paper so you can carry them with refer to them whenever you want to.

 

Chart For 40 Year Mortgage

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