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The Cost of Credit
Your credit score
determines the interest rates you qualify for. Whether it’s a new mortgage, a
home equity loan, or a car loan, the following charts show the long term
comparison of different credit scores.
30 Year Mortgage* for
$300,000
|
Credit Score |
Interest Rate* |
Monthly Payment on Principal |
Difference Monthly |
Interest Paid Over Loan Term |
Difference Over Loan Term |
|
775 - 850 |
6.0% |
$ 1,798.65 |
-- |
$ 347,514.00 |
-- |
|
700 - 774 |
6.5% |
$ 1,896.20 |
$ 97.55 |
$ 382,632.00 |
$ 35,118.00 |
|
625 - 699 |
7.0% |
$ 1,995.91 |
$ 197.26 |
$ 418,527.00 |
$ 71,013.00 |
|
550 - 624 |
8.0% |
$ 2,201.29 |
$ 402.64 |
$ 492,464.00 |
$ 144,950.00 |
|
475 - 550 |
9.0% |
$ 2,413.87 |
$ 615.22 |
$ 568,993.00 |
$ 221,479.00 |
15 Year Home Equity Loan*
for $100,000
|
Credit Score |
Interest Rate* |
Monthly Payment on Principal |
Difference Monthly |
Interest Paid Over Loan Term |
Difference Over Loan Term |
|
775 - 850 |
8.5% |
$ 984.74 |
-- |
$ 77,253.00 |
-- |
|
700 - 774 |
9.0% |
$ 1,014.27 |
$ 29.53 |
$ 82,568.00 |
$ 5,315.00 |
|
625 - 699 |
9.5% |
$ 1,044.22 |
$ 59.48 |
$ 87,960.00 |
$ 10,707.00 |
|
550 - 624 |
11.0% |
$ 1,136.60 |
$ 151.86 |
$ 104,588.00 |
$ 27,335.00 |
|
475 - 550 |
13.0% |
$ 1,265.24 |
$ 280.50 |
$ 127,743.00 |
$ 50,490.00 |
5 Year Car Loan* for $30,000
|
Credit Score |
Interest Rate* |
Monthly Payment on Principal |
Difference Monthly |
Interest Paid Over Loan Term |
Difference Over Loan Term |
|
775 - 850 |
7.0% |
$ 594.04 |
-- |
$ 5,642.00 |
-- |
|
700 - 774 |
8.0% |
$ 608.29 |
$ 14.25 |
$ 6,497.00 |
$ 855.00 |
|
625 - 699 |
9.5% |
$ 630.06 |
$ 36.02 |
$ 7,804.00 |
$ 2,162.00 |
|
550 - 624 |
12.0% |
$ 667.33 |
$ 73.29 |
$ 10,040.00 |
$ 4,398.00 |
|
475 - 550 |
15.0% |
$ 713.70 |
$ 119.66 |
$ 12,822.00 |
$ 7,180.00 |
*Rates are based on national averages as of August, 2007.
Rates are subject to change.
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