Average Mortgage Payment

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Average mortgage payment is various and different in each area. Let say, you have a house and you should pay the mortgage. Before doing it and spending your money, it is better for you to know more about mortgage payment as well as the classification of the average mortgage payment. If you want to know it faster and with a high level of accuracy, you can just go to Bureau of Labor Statistics. This Bureau is giving the latest data annually and they classify the average mortgage based on several things.

Average mortgage payment based on the income

Based on the income of the house owner, it is stated that there are 9 classifications. The smallest income is around $20K up to $30K. If you are included on this first classification so the average mortgage payment is around $461. It is also possible if you have monthly salary around $30K up to $40K. It is also a must for you to pay a mortgage if you have a house. You just need to pay around $493. How about if you have income around $40K up to $50K? In this level, you should pay around $614. It is the same case if you are earning around $50K up to $70K or $70 up to $80K. You have to prepare at least $678 and $759 for the mortgage payment

Average Mortgage Payment

Average Mortgage payment based on the Age

It is also possible for the home owner to pay the mortgage based on their age. Based on the information from Bureau of Labor Statistics, it is known that the age of first time house buyers is around 25 years old up to 44 years old. There is interesting fact that the older the age, the average mortgage payment is reduced. This is because most of first time house buyers tend to take 15 years mortgage although they are able to take 30 years mortgage payment. Moreover, it is also because of improvement of their salary so they can take 15 years mortgage payment. For example, if you are buying your first house in 25 years old, it means you have to pay around $597 for the mortgage. If you are buying your first time house around 25 years old up to 34 years old it means you have to pay the mortgage around $950. Then, there is a possibility that you are buying your first house around 35 years old up to 44 years old and you just need to pay for about $1073 for the mortgage.

So, how about the average mortgage interest rate? Just like the average mortgage payment, the interest rate is also various. It is important to make sure that you get low interest rate. Because of that, try to consider your payment point, try to shorten your loan term, and improve your credit score.

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