I am getting ready to build a new home for $136,000. I'm going to put down 20% as the down payment. So, instead of a loan for $136,000 would the loan actually be $108,800 and thus my house payment would be based off of the lesser amount; right?
2007-01-02 03:00:25 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Thanks, just need to be sure because my figures on the monthly payment is not making any sense. A 30 year fixed at 6.25 is showing $670 for just PI only but I'm getting a completely different number.
2007-01-02 03:27:30 · update #1
Your number is correct.
2007-01-02 09:31:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
yes, your monthly payment is based on the actual amount loaned, in this case the $108,800.
Congrats!
2007-01-02 11:08:27 · answer #2 · answered by Enchanted 7 · 2⤊ 0⤋
include the mortgage insurance, homeowners insurance, the taxes... your up to about 1000.00 per month....
2007-01-02 13:11:57 · answer #3 · answered by ﺸÐïåMóñdÐôññåﺸ 5 · 0⤊ 0⤋
Obviously, as that's how much you'd be borrowing.
2007-01-02 11:03:42 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋