2006-08-09 12:41:34 · 8 answers · asked by Nacho D 2 in Business & Finance ➔ Renting & Real Estate
Take your monthly revolving debt (car, credit cards, school loan) and divide that by your monthly gross income (its that high dollar amount you wish you get but dont). This will be your Top Debt to Income. Than take what you want to pay in mortgage and add that to your monthly revolving debt and divide by your monthly gross income. This will be your Backend DTI.
recap:
Top = Monthly Revolving Debt / Monthly Gross Income
Bottom = Monthly Mortgage Payment + Montlhy Debt / Gross Income.
Keep Bottom down to 40DTI and you should be able to own a home.
Average Fico is around mid 650 so if you have both of these a good 30 year fix is around 6.5. Put that into your online calculator and you can come up with a good figure. If your going to do 100% financing than add 3% to that so 9.5 would give you a good Principal and Interest Payment.
2006-08-09 19:39:59 · answer #1 · answered by Openthathouse.com 4 · 0⤊ 0⤋
the interest rate you qualify for is going to be a major factor, I would recommend seeing a mortgage professional and get prequalified so you know what rate you are working with. Once you know the rate, you will be able to accurately calculate the payment.
a real estate calculator will allow you to plug in variables like interest rate, loan size, and loan term. If you dont have one use a web based mortgage calculator like
http://realestate.yahoo.com/calculators/payment.html
of course, you need to consider what your taxes and insurance for the property are. once you know the yearly insurance premium and the annual tax rate for the home you want, add both numbers and divide by twelve. the final number is the amount you should add to the mortgage payment the calculator gives you.
I would be happy to talk with you in detail. Contact me at
rot_silberswarz@yahoo.com
2006-08-09 12:59:01 · answer #2 · answered by Silberswarz 2 · 0⤊ 0⤋
It's impossible to figure out the monthly mortgage amount based solely on pricing.
There are many other issues and factors.
Principal Value
Interest Rate
Term of Mortgage
The principal would be effected by any down payment you might make.
The interest rate would be effected by a number of factors like credit scores, amount of loan, LTV, loan type, doc type, pre-pay's etc etc...
You could try the calculators at http://www.bankrate.com or http://www.myfico.com for some generalizations though.
2006-08-09 13:04:00 · answer #3 · answered by ReggieWjr1 4 · 0⤊ 0⤋
Maybe figure a little over 1% of the selling price, but that's a very rough estimate, depending on down payment, interest rate and how high taxes are.
2006-08-09 13:15:33 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
You need a financial calculator. Plenty of them online. Just plug in the info.
2006-08-09 12:59:50 · answer #5 · answered by Karen R 3 · 0⤊ 0⤋
there are many bank sites and mortgage sites on the internet that do it you just enter the info and it gives yu the answers
2006-08-09 12:54:20 · answer #6 · answered by Button Face 4 · 0⤊ 0⤋
ballpark estimate is 1% of the selling price
2006-08-09 14:11:16 · answer #7 · answered by daniel r 4 · 0⤊ 0⤋
google under Mortgage calculator and use those online tool to calculator, its very straight forward.
2006-08-09 13:23:57 · answer #8 · answered by 1001Questions 2 · 0⤊ 0⤋