How much is mortgage on a 94000 house?

How much would the mortgage payment be on a $94K house? Assuming you have a 20% down payment ($18,800), your total mortgage on a $94,000 home would be $75,200. For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $338 monthly payment.

Is a 4 percent mortgage rate good?

Right now, an interest rate around 4 percent is considered good, says Tim Milauskas, a loan officer at First Home Mortgage in Millersville, Maryland. If you’re able to boost your credit, you could save a lot in interest. “Generally, a 100-point increase can save a buyer tremendously,” Milauskas says.

What does a 4% mortgage rate mean?

It’s the interest you’ll owe annually which will be a percentage of your loan’s total balance. Example: A lender quotes you a 4% fixed mortgage rate on a $200,000 loan. This means you’ll pay 4% of your loan balance every year until you sell the home, refinance, or pay it off.

What is the average monthly mortgage rate?

The mean or average monthly mortgage payment for U.S. homeowners is $1,487, according to the latest American Housing Survey from the U.S. Census Bureau.

Is 5.5 A good mortgage interest rate?

From 2017 through 2020, the average ranged from as low as 4.42% to 5.5%. If your interest is around those averages or lower, then it’s probably a good rate.

What is a good APR on a 30-year mortgage?

The best 30-year mortgage rates are usually lower than 4%, and the average mortgage rate nationally on a 30-year fixed mortgage is 3.86% as of January 2020. However, mortgage rates have gone as low as 3.32% and as high as 18.39% in the past.

What is the average mortgage payment on a 400k house?

Monthly payments for a $400,000 mortgage On a $400,000 mortgage with an annual percentage rate (APR) of 3%, your monthly payment would be $1,686 for a 30-year loan and $2,762 for a 15-year one.

What is a good mortgage payment?

Aim to keep your mortgage payment at or below 28% of your pretax monthly income. Aim to keep your total debt payments at or below 40% of your pretax monthly income. Note that 40% should be a maximum. We recommend an even better goal is to keep total debt to a third, or 33%.

Is 3.3 A good mortgage rate?

Throughout the first half of 2021, the best mortgage rates have been in the high–2% range. And a ‘good’ mortgage rate has been around 3% to 3.25%. Of course, these numbers vary a lot from one borrower to the next, as we explain below.