23 Mar 2023

What Is the Mortgage Repayment on a $950,000 House?

Mortgage Repayment Calculator

Buying the Second & Subsequent Properties Becomes Easier.

When you are considering purchasing a home, it is important to determine if you are financially capable of making the required mortgage repayments before applying for a home loan product with your mortgage provider. The mortgage repayment amount on a $950,000 house depends on a wide variety of factors, including your credit score and the interest rate of the home loan product in question. 

With a credit score ranking in the top 40% or landing between 726 to 832, your mortgage provider will generally offer you the lowest interest rates available because they are competing for your business with other providers. At a 4% interest rate over 30 years, your monthly mortgage repayments will cost $4,535. With a 3% interest rate, your monthly mortgage repayments will cost $4,000 for 30 years. A lower interest rate of 2% over 30 years will have you making monthly mortgage repayments of $3,511. 

However, these repayments will increase if you are interested in making repayments over the course of 15 years rather than 30. A 4% interest rate over 15 years results in monthly mortgage repayments of $7,000. A 3% interest rate over 15 years results in monthly mortgage repayments of $6,500. Finally, a 2% interest rate over 15 years results in monthly mortgage repayments of $6,100. 

As we mentioned previously, the monthly mortgage repayments of a $950,000 home vary depending on your credit score, the loan’s interest rate, principal amount, and length. You can use the Mortgage House Mortgage Repayment Calculator to further explore mortgage repayments, or reach out to our team of professionals for more information and specialized assistance.

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