How much would the payments be?

Question

If I bought a lot for 250,000 and put thirty thousand down. How much would my payments be for thirty years . My credit score is around 700

Answer 1

Assuming that you want a 30-year fixed rate mortgage.... Interest rates are about 6-1/4 percent right now. Your credit is good, so you should have no problem getting a mortgage. The payment should be around $1,355

For other options see:

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

Answer 2

Payments, as mentioned by the folks above, are determined by the rate and program (15, 20, 25, 30, 40 year amortization or interest only). The interest only programs are the lowest payment, but you are NOT paying back any of your principal.

Additionally, you mentioned that this is for a lot. If you are truly buying dirt and there is no physical house, your options for a loan are much more limited. You will NOT get the same rates as if you were purchasing a primary residence already built.

Regards,

Joe...

Answer 3

paying the PMI (private mortgage insurance)
looking at interest only your payment at 7% will be $1,283.33

but if you have 2 loans
the first will be 200,000 and paying IO your payment at 6.5% is
1,083.33
and your payment on the second is like at 9% is 160.92
or 154.93 IO
it depends of if you can prove your income or not,,,, you need to have assets thou....

Answer 4

You need a rate first to calculate payments. Your probably going to pay anywhere between 1400(5.5) and 1600(6.75) a month not including taxes and insurance. Rates are going up so try to lock in rate ASAP. Mortgage Consultant. Email me for further information.

Answer 5

Use a mortgage calculator such as:

http://www.mortgage-calc.com/

I would guess around 5.75% interest for your credit score.

Answer 6

around $1300 plus taxes and insurance.