I know this isnt 100% accurate. I just want an idea.
2006-12-26 09:54:12 · 11 answers · asked by brandylita 2 in Business & Finance ➔ Renting & Real Estate
About $2600/mo., but a lot of it depends on your interest rate and how much you put down. That's principal, interest, insurance and PMI if you haven't put down 20%.
2006-12-26 09:58:54 · answer #1 · answered by Tr0nik 2 · 1⤊ 0⤋
Assuming you get a 30 year fixed rate today, you'd be right around 6.00%. Principal & interest payment would be $2288.68 per month.
You could get a 5/1 ARM, interest-only, at about 5.5%, and pay only $1741.67. None of your payment would be paying off the loan, but it gives you more flexibility in your budget.
Do NOT take any form of "Option ARM". If you can't afford $1750-2300 in monthly payments (plus taxes and insurance that could be another $300-450/mo.), you shouldn't buy the house.
With everything, depending on your credit and financing etc..., $2100-2750 is a good range for your total monthly mortgage payment.
2006-12-26 10:00:19 · answer #2 · answered by Anonymous · 1⤊ 0⤋
At 6.5%, P&I on a 30 year note would be $2,401.86. Of course you'd need to add taxes and insurance to that. That could easily add another $300 or more, possibly much more, to the payment.
2006-12-26 10:40:24 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Here are a few options. (none include taxes, Home Owners insurance, or PMI insurance)
15year 7.75% intrest
monthly payment $3,576.85
$263,833.00 would be paid in intrest over the life of the loan.
30year 8% intrest
monthly payment $2,788.31
$623,790.00 would be paid in intrest over the life of the loan.
15year 6.75% intrest
monthly payment $3,362.66
$225,278.00 would be paid in intrest over the life of the loan.
30year 7% intrest
monthly payment $2,528.15
$530,134.00 would be paid in intrest over the life of the loan.
I hope these help you.
Thanks, James R
2006-12-26 10:10:39 · answer #4 · answered by James R 1 · 0⤊ 0⤋
Depends on interest rate and length of the loan.
A 25 year loan at about 6% interest, monthly about $2,400
If you have Excel, you can set it to give you amortization tables of whatever condition you define.
2006-12-26 10:26:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
how much down payment? good credit? Use a mortgage calculator and play with different figures...
2006-12-26 12:09:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
it would depend on how many years you were taking the loan out for and the interest the bank charged you
2006-12-26 10:04:08 · answer #7 · answered by Patricia 1 · 0⤊ 1⤋
At 7% interest, approx. $2,528 per month for 30 years.
2006-12-26 09:59:27 · answer #8 · answered by candl91402 4 · 0⤊ 0⤋
Does depend on several factors, but www.amortization-calc.com will figure it for you. Link is listed below.
2006-12-26 09:59:01 · answer #9 · answered by psn1der 2 · 0⤊ 0⤋
If you got this loan shouldn't they tell you the payments?
2006-12-26 09:58:00 · answer #10 · answered by Good Grief 4 · 0⤊ 2⤋