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I'm in the uk
Additional Details
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<... |
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doulasc | Mortgage payment? |
If I bought a 200K home and the seller agrees to
sell it for say 180K and put 70K down payment(70K
is cash on hand) could I get a total mortgage payment for under $700.00 per month.Also My
current home is paid off and worth about 95K.
My average annual income is 42K. |
 |
 
Aimers
 |
An easy calculation to come up with an average mortgage payment is ..you will pay approximately $7 for every thousand financed. If you finance about 100K then your payment will be $700. Taxes and insurance are generally part of your mortgage payment so you must take that into account of your payment as well. |
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backupplanc
|
If I understand you correctly, the amount you are going to finance (mortgage) is $110,000. If that is the case, then assuming a 30-yr fixed rate mortgage, your payment would be calculated as follows.
No. of Pmts=360 (30 yrs x 12 pmts/year)
Interest Rate = 6.5% Fixed Rate(Assuming you have decent credit)
Present Value = 110,000 (AMount of Mortgage)
Total Payment = $695.27/mo ( Does NOT include any property taxes, homeowner's insurance, or association fees).
If you sell your current home and use the funds to buy your new home, then you would only be financing $15,000 which would of course have a payment lower than $700.00
Ask your bank to build you a hypothetical amortization schedule under different conditions (15 year mortgage, or 7% interest loan, etc) Make them earn your business. |
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qpid59
|
In your scenario, your mortgage payment would be in the $695 range depending on what interest rate you would qualify for. I used 6.5% (30 yr fixed). There are several loan programs that will get your monthly payments way below $700 but they need to be carefully explained so you can understand teh pros and cons.
Check with a good mortgage broker in your area for details.
Hope this helps. |
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J'adore
 |
http://moneycentral.msn.com/loan/mortcalc.aspx?&vendor=Paid%2BInclusion&pkw=PI
go there to get an estimate, but you should know what your interest rate will be and whether or not it's fixed or variable. Personally I would go with fixed even if it's higher than a variable rate, because in the end it's a lot safer and you will end up saving money.
Mortgage companies are great at offering you a variable rate at like 3%+ prime,
but if prime goes way up your pretty much screwed. |
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Leo F
|
With 70K down you DO NOT need PMI. That only for people that put down less than 20%. |
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ETXGardener
 |
Good for you for having such a large down payment! That would take your mortgage on a $160,000 purchase to $110,000.
A 30-year fixed mortgage at 7% (which unfortunately is where things look to he landing these days) would make your monthly payment $731.83. However, realize that you'll also have to pay insurance & taxes and a lot of banks are now requiring that these payments be part of your monthly house note & depeneding on what those numbers are, they could increase your house note by $100 - $200.
And adjustable rate mortgage would probably start around 5.5%, lowering your house payment to around $626.00/month exclusive of insurance & taxes, but just remember that adjustable mortgages adjust up as the years go on and many people (as today's foreclosure rates attest to) face a nasty day of rreconing when that happens.
Here's a web site where you can calculate your own payments http://mortgages.interest.com/index.asp
Also if you sell your current house for $95,000 & then use that money as additional down payment or to buy down your mortgage, your monthly payment will be lowered considerably. |
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vahomerefinance.com
|
I believe so, when I was looking at payments I called a loan center (866-752-6089) and they were able to help me run payment numbers, etc.
My personal mortgage is in that range as well. Hope it helps! |
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Knocc_Knocc
|
I don't have an aswer for you, but I must say you're looking good brother! |
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YoungGirl
 |
So, you'd be financing about $110,000 right? Sure you can get a payment that is probably around $700.00. That would not include pmi, property tax or insurance. Search for a mortgage calculator online and plug in your figures. If your credit it good, I don't see why not. |
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