I need help with calculating cost of buying a house?

Question

I am a Highschool student and for a research project I needed to calculate all the costs of buying a house. Could someone tell me, based on a $699,000 house, what the monthly payments would be for mortage, monthly taxes, monthly insurance, total utilities/phone, and housing for afore said budget. Answer as much as you possibly can; I'm absolutely lost on the afore mentioned subject. The rate for the mortage is 6.00%, and the insurance would be about $160, so don't worry about that. THANKYOU !!!!

Answer 1

find out whether this is an INTEREST ONLY RATE, OR A FIXED AMORT. RATE. AMORT. RATE PAYS TOWARDS THE PRINCIPLE AS WELL, THEREFORE IT WILL BE ALITTLE HIGHER PAYMENT THAN INTEREST ONLY.

Int. only payment:
699000* 0.06= X X/12 WILL BE UR monthly payment

To calculate tax, you findout what your tax rate is , in ca, its usally 0.0115 depends on which county you are in.
so you multiply 0.0115 by 699000 = Y
Y/ 12 will be your monthly tax
Z=160 for insurance
your house payment is X+Y+Z per month

Answer 2

You're missing information - like "down payment", or are you going to finance all $700k? If so, then you have to pay PMI insurance.

www.bankrate.com will give you a mortage payment - depends on 30 year fixed, 15 year fixed, or an ARM.

Taxes depend on where you live, in Michigan you would pay about $10,000 a year on that value of house. Other states have no property taxes at all (like Florida).

Utilities depend on location - probably $300 / month for gas and electric.

Phone has nothing to do with the house, figure $100 / month.

BTW, you need to plan for maintenance of the house, water bill, trash pickup - $800 / lawn service, $200 / snow plow service -

Also, do you need to purchase appliances, furniture, moving expenses, escrows?

hope this give you a good head start.

Answer 3

You should be working a little harder to get this done. It is not that complicated. You can find a mortgage calculator on realtor.com, or use Excel payment function.
The taxes can vary by location. You need to call the county tax department and ask them for an estimate of the taxes on a house costing 699,000. If you are buying the house you would have around 2500 in closing costs.

Answer 4

Go to a site like www.HUD.gov (housing and urban developement) and www.fanniemae.com these places typically have a mortgage calculator and ask you what you need to determine the necessary information.