Thinking about buying a home in Conway or North Conway, NH? Here’s a clear, local example of what the monthly mortgage payment can look like on a $400,000 purchase — using a 30-year fixed rate at 6.15% with 5% down and a 700+ credit score profile.
Conway, NH home buying: why the monthly payment matters
In the Mount Washington Valley, buyers often balance lifestyle goals (skiing, hiking, lakes, village convenience) with the realities of today’s rates and mortgage costs. Getting a quick payment estimate before touring homes helps you shop confidently and avoid surprises.
Mortgage example: $400,000 purchase with 5% down
- Home price: $400,000
- Down payment (5%): $20,000
- Loan amount: $380,000
- Loan type: 30-year fixed
- Interest rate: 6.15%
- Credit score: 700+
Estimated principal & interest payment
Using a standard mortgage calculation, the estimated monthly principal & interest payment on a $380,000 loan at 6.15% for 30 years is approximately:
≈ $2,315 per month (principal & interest only)
Note: This number is principal and interest only. Your full monthly housing payment will also include property taxes, homeowners insurance, and potentially PMI.
What else affects your full monthly payment?
- Property taxes: Vary by town and assessed value
- Homeowners insurance: Required by lenders
- Private mortgage insurance (PMI): Often required with less than 20% down
- HOA fees: If buying a condo or townhouse
Why this matters in the Conway market
The Conway area draws a mix of primary home buyers and lifestyle-driven second-home buyers. Knowing what your payment looks like upfront helps you:
- Choose the right price range before falling in love with a property
- Understand payment differences between single-family homes and condos
- Prepare your budget for local taxes and costs
Mortgage Calculator (Monthly Payment)
Results
Next steps: make your estimate more accurate
If you’d like a detailed estimate that includes local property taxes, insurance, and PMI, I’d be happy to help — and match it with current Conway-area homes on the market.
