My husband and I bought a home 4 years ago for 65,000. We want to sell our house and buy a piece of land and a new modular. We live in Hadley PA, and we need to stay in this area b/c I am handicapped and need to stay close to my family. Anyway all the homes for sale in our area are at least 100,000 and they need work. So we think it would be better to buy a brand new modular. This would cost around 120,000. what would the mortgage payment be?
2007-02-27 05:52:05 · 8 answers · asked by JG1285 1 in Business & Finance ➔ Renting & Real Estate
Yes, you can. If you have good credit and a down payment, you could get an Option ARM and your payments would be well under $700.
Rick
http://www.fairwaymorgagelending.com
2007-02-27 07:09:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Interest rates are in the 6.0-6.5% range for a 30 year fixed.
So, a 30 year fixed at 6.25% on $120,000 would be $738.86 per month plus insurance and taxes. And PMI, if applicable.
You're close to $700. If you can put down any money, you can get it under $700.
2007-02-27 13:59:59 · answer #2 · answered by Jay 7 · 0⤊ 0⤋
Good luck if you can get it that cheap.. Go to a mortage website and they have a caculator where it will show you your payments.
We bought a house for 180,000 5 bed etc and our payments are $1063 thats in az though.
Maybe if you have SUPER credit and put down a chunck of money on your land you can have less pAYMENTS.
2007-02-27 13:56:16 · answer #3 · answered by Alexis221 4 · 0⤊ 0⤋
Pretty sure that you will find every financial clarification at: loandirectory.info-
RE Is there any way to get a 120,000 mortgage for around $700 a month?
My husband and I bought a home 4 years ago for 65,000. We want to sell our house and buy a piece of land and a new modular. We live in Hadley PA, and we need to stay in this area b/c I am handicapped and need to stay close to my family. Anyway all the homes for sale in our area are at least 100,000 and they need work. So we think it would be better to buy a brand new modular. This would cost around 120,000. what would the mortgage payment be?
2014-09-03 19:02:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well, how much do you have available for downpayment...the larger the down payment, the smaller the mortage payments. Plus we don't know the term or interest rate of your loan.
2007-02-27 14:07:43 · answer #5 · answered by kingstubborn 6 · 0⤊ 0⤋
It depends on the interest rate and the length of the mortgage. For a 30 year, you will have the following monthly payments (depending on the interest rate):
5.75%, $700
6.50%, $758
7.00%, $798
.
2007-02-27 13:58:19 · answer #6 · answered by Bayou Brigadier 3 · 0⤊ 0⤋
Comparison-shop at the below website
2007-02-27 15:49:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
120000 at 6.25% for 30 years would be 738.86 per month.
2007-02-27 13:56:43 · answer #8 · answered by Mark B 5 · 0⤊ 0⤋