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Scott R | First Home (Monthly Payment)? |
I'm 21 and am going to move out of my parents house next year and get my own place. I'll have $25,000 by June of next year and will use that as a down payment. Is that a good amount to put down? If I buy a house for $160,000 what will my monthly payment be (roughly) if I get a 30 year mortgage? |
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BIKER DUDE
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25,000 is not enough for a down payment on 160,000 unless someone wealthy is cosigning for you. The standard down payment on a home is 20%. You need 32,000. |
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Stuart
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A home costing 160 grand with 25k down means you'll be financing 135,000 over 30 years at roughly 6 percent interest.
You're looking at a monthly mortgage payment of about $800 - $850, but you'll also have to pay into to escrow to cover taxes, insurance, and the like, so your final monthly payment will be in the $1000 range, give or take fifty bucks.
-Stuart |
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loanmasterone
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That is a good down payment. Will that be all that you are getting? Do you have other savings put away.
You did not say what you did, if you have a job, going to college working at Big Mac Supper club or a Wall Super Center.
You will have to be employed and qualified to purchase a house.
If all you will or have in savings is $25,000 and you put all that down toward a home what would you have in the event of an emergency such as you get laid off from your job, an emergency in the family, or you take seriously ill.
Are you handy with your hands or do you have friends that are handy with their hands? If you or you have friends that are handy with their hands perhaps you should look into the purchase of a fixer.
If you are not handy with your hands and you don't have friends that are willing to help with fixing up a place then you should purchase a house that is ready to move into.
It would need work but it would cost less and beside you are young enough to spend a little time working on your house.
You are not looking for a place that need major work just cosmetic work such as painting, carpeting, a little kitchen of bath remodeling, something that will take a couple of months to do, but is not hard nor need a professional to do.
Find a mortage broker in your city, look in the telephone book or get a referral from a friend or relative. He will qualify you and issue you a pre-approval letter (Not a pre-qualified letter)
This letter will tell a real estate agent all that he need to know in order to find you a house that you are qualified to purchase.
You will know all about your interest rate, monthly payments and the terms of the loan. You will also know if you have enough to put down with your $25,000.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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SexyArmyWife
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this depends on your income, weither you can pay the payment, and the interest rate. right now its a t 6.3% for GOOD to EXCELLENT credit. it doesn't matter how much you put down, and remember to save $5000 for closing costs, and if the seller is going to pay them, put that $5k in a savings account cause you will want to buy some new stuff to put in your house. you also need to know you have to pay for home owners insurance and flood /theft insurance etc..... |
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msme
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try googling mortgage calculators. |
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Debra G
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If you put 20% down ($32,000) on a purchase you will not have to pay PMI (Mortgage Insurance), but it looks like you are not going to have 20%, more like 15%. For instance, if you buy a property for $160,000 and put 20 % down for a 30 year term, at 7% interest (a little high), your monthly mortgage payment would be about $855.00 per month. But with taxes and property insurance added to that, it will be more. You might check in to first time home buyers programs in your state, there are a lot of different programs. |
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rayt721
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There are plenty of online calculators (google ... amortization) BUT remember your payment will be higher than calculation if taxes and insurance and PMI (private mortgage insurance) is factored into your payment. Be aware of other costs with home ownership... water/sewer, higher utility costs, deposits, trash collection, assessments, inspections, etc. Don't base your ability to pay on what a bank or realtor says... go with your heart!!!
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AA
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Well a good deal is if you pay no more then $1500 a month.
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ashhhh
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You definitely CAN finance a house with a $25,000 down payment. I don't know where those people are getting their info from. |
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Caitlin S
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get a ritch husband |
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