You can easily use this chart to calculate a monthly mortgage payment for any mortgage amount.
For example, if you are borrowing $70,000 at 8% for 15 years, your monthly payment would be:
70 X $9.56 = $669.20 (Scan down the chart for a 15 year loan until you intersect with the 8.00% interest line. In this example, the monthly payment for $1,000 @ 8% interest for 15 years is $9.56) It is just that simple
4.00 $7.40 $4.77
4.25 7.52 4.92
4.50 7.65 5.07
4.75 7.78 5.22
5.00 7.91 5.37
5.25 8.04 5.52
5.50 8.17 5.68
5.75 8.30 5.84
6.00 8.44 6.00
6.25 8.57 6.16
6.50 8.71 6.32
6.75 8.85 6.49
7.00 8.99 6.65
7.25 9.13 6.82
7.50 9.27 6.99
7.75 9.41 7.16
8.00 9.56 7.34
8.25 9.70 7.51
8.50 9.85 7.69
8.75 9.99 7.87
9.00 $10.14 $8.05
9.25 10.29 8.23
9.50 10.44 8.41
9.75 10.59 8.59
10.00 10.75 8.78
10.25 10.90 8.96
10.50 11.05 9.15
10.75 11.21 9.33
11.00 11.37 9.52
11.25 11.52 9.71
11.50 11.68 9.90
11.75 11.84 10.09
12.00 12.00 10.29
12.25 12.16 10.48
12.50 12.33 10.67
12.75 12.49 10.87
13.00 12.65 11.06
13.25 12.82 11.26
13.50 12.98 11.45
13.75 13.15 11.65
The Mortgage Summary Chart
Type 
Definition 
Advantages 
Disadvantages 
Notes 

Fixed monthly payments over 30 years 
>Fixed payment

>30 year payoff 
The 30 year fixed mortgage is the most common mortgage. 
15 Year Fixed 
Fixed monthly payments over 15 years 
>Fixed payments 
>Higher monthly payment 
If you can afford the payment, this is a good option! 
ARM 
Interest rate usually adjusts each year based upon current rates 
>Lower payments for first year 
>Interest rates are not locked in

Typically can only increase 2% per year with lifetime cap of 6% increase 
FHA 
Federal Housing Administration/ 
>Allows low down payment 
>Limits on amount you can borrow 
Great option for buyers with little down payment 
VA 
Veterans Administration 
>Allows low down payment 
>Limits on amount you can borrow 
Must have past military service to qualify 
Biweekly Mortgage 
1/2 of monthly mortgage payment is made every two weeks 
>Saves thousands in interest 
>More cash required 
Most banks do not offer biweekly payment plans 
Reverse 
Lender makes payments to you each month 
>Helps senior citizens obtain monthly income from equity built up in home 
>All equity in home can be consumed over the years. 
Must be 62 to qualify. Some lenders require family members to attend seminar. 
Home Equity 
Loan for up to 80% of equity in home. 
> Interest can be deducted 
> Consumes equity in home 
Be careful to understand repayment plan 
New Mortgage Checklist
General Questions For All Mortgages
Find out the answer to these questions as soon as possible. If you wait until right before closing, your options become limited and you will be forced to accept the lenders terms  even if you don’t like them! It’s best to agree upon the closing cost and interest rate at the beginning rather than at the end of the process. If you believe the interest rate or closing cost are too high, you need time to shop around.
In addition to the above question, these questions relate specifically to Adjustable Rate Mortgages:
If I Were Buying A Home
Here are what I believe the top ten guidelines for first (or any) home buyers.
Definitions
Adjustable Rate Mortgage: Commonly known as an "ARM". Interest rate is not fixed, but can be adjusted up or down every six months or year based on a predetermined index.
Amortization Schedule: Schedule listing amount due for interest and principal reduction each month. Also includes date due, interest rate, monthly payment amount, and balance due after each payment. The word amortize means “to put to death”. Therefore, as you are making each payment, you are putting your loan to death.
Cap: The lifetime limit as to how high an interest rate can go for an adjustable rate mortgage. For example some adjustable rate mortgages might have a lifetime cap of 12%. Common caps for adjustable rate mortgages are 2% per year and lifetime cap of 6% over original interest rate.
Equity: The market value of your property minus any loans you have on the property. If the market value of your home is $100,000 and the present amount you own on you mortgage is $60,000, your equity is $40,000. ($100,000  $60,000 = $40,000)
Fixed Rate Mortgage: Mortgage in which the interest rate (and monthly payment for principal and interest) remain constant for entire life of the loan.
PITI: Commonly used to refer to principal, interest, taxes and insurance. Typically these four ingredients make up a monthly mortgage payment.
Point: A point is equal to 1% of the loan amount. Some lenders will have you pay a “point” as the loan origination fee. One point for a loan of $75,000 is $750. ($75,000 X 1% = $750)
PMI: Private mortgage Insurance  if your down payment is 20% or less lenders will require you buy mortgage insurance. (VA and FHA loans have federal mortgage insurance.) You generally pay 1% to 1.25% of the mortgage amount up front, plus a monthly fee. Generally you will have to pay PMI until your equity equals 20% or more. This insurance is used to protect the lender in case you default on the loan.
Prepaying: When an individual makes mortgage payments in addition to amount due. One hundred percent of prepayment amount is used to reduce mortgage loan balance.
Refinancing: Obtaining a new mortgage for your property. Generally an individual would consider refinancing if interest rates have dropped at least 2%.