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