how much does a 130k mortgage cost each month?

Question

If you dont put any deposit down. I know there are all sorts of different mortgages so I'm just looking for a rough general estimate, and how much would my partner and I need to be on (wages) to get a mortgage of this size?

Answer 1

30 year fix now is 6.35%, with fee, the final rate would be 6.85%.
if you have 20% down, then your loan amount is $104K. your monthly mortgage payment would be $650. Try to avoid adjustable or option loans, because 30 years fix has really really really good rate, almost lowest in 40 years.

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

This article gives you tips on negotiation:
http://biz.yahoo.com/brn/060909/19463.html

Articles about current market:
http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513

Answer 2

Jeacle Mortgage Calculator

Answer 3

It depends upon a lot of things, your credit and whether you can document enough income most of all.

Assuming you're A paper in the United States, split into two pieces to avoid PMI is probably the best way to go. You should be able to get somewhere under 6% for the 80% first. $104,000 @6% on a thirty year fixed is $623.54 per month. $26,000 at about 9% for the 20% second on a 30/15 gives you payments of $209.21 per month. Total is $832.75. Plus property taxes and insurance, of course.

Answer 4

There are many web pages that you can visit that allow you to enter various figures to help you calculate payments. One of the more prominent ones is bankrate.com. Try this link,

http://bankrate.com/brm/mortgage-calculator.asp

It asks for amounts like deposit, interest rate and amount financed as well as your zip code, these numbers will allow you to play and gain some comfort as to your ability to pay and/or "play". Good Luck.

Answer 5

More informatino is needed. Here is the formula for finding it:

PV = A/i - A/(i*(1+i)^N)

PV = amount borrowed = 130,000
A = monthly payment (what you want to find)
i = monthly interest rate (e.g., 6% per year turns into 0.5% per month)
N = number of months of the loan (360 for 30 years).

Do the math

Answer 6

go to my website www.danroemer.com i have a mortgage calculator there. generally speaking figure 1% of the loan amount as your payment. taxes and insurance will vary from state to state so use that formula as a guesstimate

Answer 7

Here is a link to an interactive mortgage calculator.

Answer 8

nothing down, does that mean no closing cost also? if so the rates will be higher. On the first about 6.25-7.25 second 8-13%.

Answer 9

search yahoo for "mortgage calculator" and you should be able to find one that will allow you to put in different #'s, months, rates, etc.

Answer 10

That's an interesting question!