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Real Estate: Home financing

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Posted on July 23, 2009 |
By Andrea Suozzo



Note: this feature ran in the print edition on Thursday, July 32rd.

ADDISON COUNTY — Want to know what it might cost to finance your new home? Take a look at the chart below to find out an approximate payment schedule for a mortgage, depending on the price of the home and the initial down payment.

Loan officer Madeline Gardner from the National Bank of Middlebury recommends a down payment of 20 percent, if this is possible for the homebuyer. This is the minimum down payment that a homebuyer can make without paying an additional monthly fee for PMI (private mortgage insurance). Although there are programs that will allow the homebuyer to take out a loan for the total cost of the house with no down payment, these are increasingly rare.

The rates in the table are calculated using a 5.5 percent interest rate over 30 years.

Amortization schedule

Source: www.bankrate.com

To find out more about financing your new home, visit bankrate.com's mortgage calculator.

For basic mortgage information from the Federal Reserve Board, click here, and for more information click here.

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