Consumption and Real Estate
mortgage payment $ $ $?
I’m looking and I found an apartment in Gilbert, AZ for $ 165,000, of which I am interessiertIch wonder what is the average mortgage payment for a property of this amount. I’m not a big amount of $ $ for down payment, but I am for the first time buyer and I know they have tried Pausen.Ich some calculators online, but I do not know what are taxes and interest from Sun I could not fill. . . Please do not just direct me back into one of these Stätten.Wer know what kind of mortgage payment would be with us, I, am I right in saying that the first buyers will receive a percentage of the price a deposit? If so, this amount would be my deposit (% x 165,000 = payment) werden.Ich have good credit. I do not know the interest rate. . . This is why I asked! (Jeez !!!!!!!!) I think a 30-year mortgage. I do not think much about fixed and adjustable, fixed, I sound better in the long term. I know I will not “balloon”!
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about 1 month ago
You need to contact a lender and get pre-approved first. Your lender will tell you everything you need to know regarding a mortgage. You can find out taxes/condo association fees from the your realtor or the condo board.
about 1 month ago
I would need more information than you’ve provided.
Can you put 5% down, or 10%? That will get you a better loan than 100% financing. Putting down 20% is best.
Here’s an easy mortgage calculator for you to use:
http://www.mortgage-calc.com/mortgage/simple.php
Try putting different loan amounts and rates in the calc above. It’s very easy to manipulate.
Look in the local paper to see what rates are around there. Just try a variety of them…5.5%, 5.75%, 6%. Just look at 30 year fixed rates…plain vanilla mortgage, nothing fancy.
The taxes should be on the listing sheet. Is it listed or are you buying FSBO? If FSBO, you can ask the owner. Add one month’s worth to the principal and interest payment you get from the calculator.
Call an insurance agent for the cost of home owner’s insurance. We call it hazard insurance in the mortgage industry, but that’s what we mean.
There will also be mortgage insurance if the LTV is over 80%, but you won’t know how much that is until your credit is run. Your credit will be the determining factor for both your rate and the cost of mortgage insurance. Sometimes mortgage insurance is called private mortgage insurance, or PMI. Don’t know what’s private about it, but there you go.
Your payment will consist of all those factors: principal, interest, taxes, insurance and mortgage insurance.
Don’t forget you need cash for closing costs and reserves. Generally 2 months worth of total payments is required as cash reserve. You may be able to get the seller to pay some of the closing, but the most he CAN pay is probably going to be 3% of the sales price.
Find yourself a nice banker you can trust and talk to him about your best options. Your regular bank is a good place to start.
about 1 month ago
You have to know the interest rate in order to figure out what the mortgage payments will be! You also have to decide what kind of mortgage you want (fixed? adjustable?),how long you want the mortgage to be (15 yrs? 20? 30?), and whether or not you’re going to pay any points at closing.
We can’t give you numbers that are even remotely close to accurate without you making up your mind about these things.
For example, say you borrow $150,000. A 30-year 3/1 fixed/adjustable mortgage at 5.875 percent with no points would have a monthly payment of $888 (that’s just principal and interest; that’s not including taxes). A 20-year fixed mortgage at 6.5 percent with no points would have monthly P&I of $1,119. A 30-year fixed mortgage at 6.125 percent with two points would be $912. A 30-year adjustable (1-yr ARM) at 5.625 percent with one point would be $864 a month — at least for the first year, and then it would be more after that. Taxes could add anywhere from $50 to $500 a month, depending on property values where you live.
So, you see, you have to come up with more definite numbers for some of your variables. Unless you’re content with the only answer we can provide right now, which would be something like “Well, your total payment could be anywhere from $500 to $1500 per month.”
about 1 month ago
You have to make some assumptions for interest and taxes to get the answer. If you were to pay $165,000 with zero down (so you’re mortgage amount is $165,000) at 6% interest, your payments would be around $990 per month.
Keep in mind that this is only principal and interest. To know the true cost every month you would have to estimate property taxes for the year divide by 12 and add that to the principal and interest. You would have to do the same thing for homeowners insurance. A realtor should be able to help you with some of those estimates in your area.
about 1 month ago
How in the world would anyone have an answer to your question without knowing the facts? Without knowing what your taxes and insurance will be…much less your interest rate…it would be impossible to give you even a rough estimate.
about 1 month ago
With 10% down think between $1000-$1200 a month. That’s just a guess. It will depend on your credit, down payment, interest rate and points.
Good Luck
about 1 month ago
Without more info I can’t help you. I don’t know how much you can put down. Credit score is a big issue in determining the rate unless you want to get an FHA loan. The listing should show the tax rate. There are plenty of Loan Officers who would be happy to help you. Call a local company.