# Monthly Mortgage Payment Multiplier

Here is a handy little table that I found in the book “Personal Finance for Canadians for Dummies” for calculating monthly mortgage payments using a simple multiplier.

 Interest Rate 15-Year Amortization 25-Year Amortization 5.0% 7.88 5.82 5.5% 8.14 6.1 6.0% 8.4 6.4 6.5% 8.66 6.7 7.0% 8.93 7.00 7.5% 9.21 7.32 8.0% 9.48 7.63 8.5% 9.76 7.95 9.0% 10.05 8.27 9.5% 10.33 8.61 10.0% 10.62 8.94 10.5% 10.92 9.29 11.0% 11.21 9.62 11.5% 11.51 9.97 12.0% 11.81 10.32

How does the table work? You find the current going interest rate, then multiply your (mortgage balance/1000) by the multiplier indicated.

For example, at todays 5 year fixed rates of around 5%, a 25-year \$200k mortgage would mean a monthly mortgage payment of approximately \$200k/1000 x 5.82 = \$1164/month. This is the mortgage payment only and does NOT include property/water tax, insurance and heat/light.

By looking at the chart, another useful rule of thumb is that for every 0.5% that your interest rate goes up or down, you’re going to increase/decrease your monthly payment by around \$30/month.

Or, you can simply use an online calculator like the one at Dinky Town.

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About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from \$200,000 in 2006 to \$1,000,000 by 2014. You can read more about him here.