2006-12-27 14:02:56 · 6 answers · asked by James P 1 in Business & Finance ➔ Personal Finance
$1798.65
2006-12-27 14:06:47 · answer #1 · answered by qroshan 1 · 0⤊ 0⤋
$1,798.65 is the correct answer (see the first reply) according to my mortgage amortization program. Over the 30 year loan, you will pay $347,514.00 in interest on that $300K loan; however, at 15 years your payment would $2,531.57 but only pay $155,682.60 in interest. That's a difference of $191,831 over the cost of the loan for a $732.92 per month difference in payment. You can also arrange to save on interest by making additional payments and noting "principal only" to the overpayment on a seperate payment, making bimonthly payments instead of monthly, and shopping around on the interest rate. Keep in mind the additional charges for home ownership and make SURE you can afford such a loan over the term of your contract. Home foreclosures are at an all time high. I am not trying to scare you. Make sure you live within your budget. If you can afford a $300,000 loan why not find a $200,000 home? You'll sleep better.
2006-12-27 16:20:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Principal & Interest 1795.68
Don't forget about taxes and insurance though. Insurance will run you about .5% to 1% of you property value per year and depending on what state you live in, taxes could be anywhere from 1% to 2% of your property's value. check your tax assessors office for your rate. I'm assuming you're putting at least 20% down? If not, you'll have to pay for private mortgage insurance which is usually .25% to .50%. So if your home value is 375,000, and you put 80% down, your payment would be 1798 plus another 1.5% to 3% in taxes and insurance which could be another 400 to 1000 per month.
2006-12-27 15:26:29 · answer #3 · answered by myersei 3 · 0⤊ 0⤋
I would say about 1800.00 just for Principal and Interest, I just bought a home in IL for 276K and with 6.75 and 30 years and it ran about 1750.00. I am very happy at this home now but again Ray is right stay in your budget and look at it as an investment in the long run if you can't afford it for any reason you can always SELL.
2006-12-27 17:17:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think between $2,000 to $2,300
2006-12-27 14:14:07 · answer #5 · answered by Duke 5 · 0⤊ 0⤋
$1,798.65 A MONTH
2006-12-27 14:40:36 · answer #6 · answered by Kitty 6 · 0⤊ 0⤋
input your info here,
2006-12-28 12:29:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋