I am looking at a condo thats 165,000. I only have about 2K saved right now. How much do you think my payments are going to be?
2007-03-07 06:11:55 · 3 answers · asked by fireworksncastles 3 in Business & Finance ➔ Renting & Real Estate
Too high for you!
If you only have 2k saved now how would you expect to make the mortgage payments? for a condo at $165 you should be able to put 20% down ($32k) Then your mortgage will probably be about 850 a month-but don't forget about the taxes, condo fees, insurance etc etc which may just bring you up to $1500 a month. Go to a bank and ask to qualify you and see what exactly it would be then try living with making that type of payment per month to yourself in a savings account!
2007-03-07 06:20:38 · answer #1 · answered by johnjingle99 4 · 0⤊ 0⤋
Monthly payment for a 165,000 loan at 7% for 30 years is $1098.
2007-03-07 14:17:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on the loan you choose to do. You will have to obviously do a 100% loan. Without getting into specifics, you can bet on a principal and interest payment of roughly $1075.00 with good or excellent credit. That will probably vary by $50, give or take, dependent on the type of loan. Remember that you will have property taxes (avg. about 2% of property value) and homeowners assocaition dues. Need any help, let me know.
2007-03-07 14:26:57 · answer #3 · answered by dan a 2 · 0⤊ 0⤋