Need a rough estimate on what a monthly bill would be on a home purchase.?
Posted by admin | Under Home Purchase Monday Nov 17, 2008I'm thinking of purchasing a home at 135k, 6.375% rate, 30 yr fixed. The property taxes are about 4k per year. Anyone out there able to give me a rough estimate at what kind of montly note I'd be looking at including mortage, taxes and insurance?? Any info will be greatly appreciated, Thanks!
Check out the calculators on bankrate.com
Check out the calculators on bankrate.com
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Well your mortgage alone would be about $842.67 per month, of course if they escrowed your taxes then you'd have to add an additional $333 per month (based on $4000.00/year divided by 12 monthly payments) the insurance I'm not sure about, also this does not factor in any downpayments you might make, the above amount is based on 100% financing.
You can figure out most payments by using a mortgage calculator online try the one below.
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http://www.interest.com
estimated income: $55k, monthly payment - $1318.00 with a 6.12 interest 30 yr fixed approx.
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Well, the principle and interest payment would be $842.22, the taxes would be $4K divided by 12 months=$333.33, plus your Hazard-(this depends on the propety, area and insurance company you select) let's say it's $700 annually divided by 12=58.33. Your grand total could be 1233.88 if the LTV falls below 80%.
Should your house appraise for 20% more than the amount of the loan, you are exempt from paying mortgage insurance on a conventional loan because you should be at 80% LTV.
Should you need mortgage insurance, the factor can vary from .5% to .9% times loan amount, divided by 12= your monthly MI payment.
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Mortgage Banker/ Lic FL Mortgage Broker/ Property & Casualty Insurance Experience
assuming you're in us (monthly compounded is used). my mortg calculations say mortg monthly payment $842.22, tax $4000/12 or $333.33. house insurance probably $300 annual or 300/12 = $25. looks like a monthly cost of $1,200.55.
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Go play with the numbers on my web site.
http://www.welcome2arizona.com/home/mortgage_calculators/mortgage_calculators.php
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