2007-05-18 06:59:23 · 8 answers · asked by Jim R 1 in Business & Finance ➔ Personal Finance
A 30 year mortgage at 7% would be: $1,131.01 ($991.67, interest; $139.35 principal)
2007-05-18 07:04:31 · answer #1 · answered by Beach Saint 7 · 0⤊ 0⤋
Hi,
Well I hate to give you one of those iffy answers BUT...
The amount you would pay depends on the you and the type of loan you qualify for. The best way to find out what is the amount YOU would be paying is to get prequalified. To know exactly what you can afford really helps when you are shopping for a home. You won't waste time looking at property that doesn't fit your situation and a Realtor cannot oversell you. You want a strong financial foundation for now and later.
A loan might be fixed for 15/30 years or fixed for 5yrs. It may be a 40/50 year loan. How much down or no down. One type of financing requires PMI (private mortgage insurance) another type of financing would not require PMI and save you some money on that factor.Different loan programs have different interest rates. I could throw out a figure but it might not be close to what you would be paying.
Send me an email and lets get you on the right track toward your goal
2007-05-19 07:55:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The above answers did not include PMI (mortgage insurance if you are not putting down 20%) or homeowners insurance or the taxes. Most mortgages include all of these items in the monthly payment. SO for these three things you need to add probably $300 to $500 a month (depending on the taxes and insurance) to what the above numbers show!
2007-05-18 07:08:55 · answer #3 · answered by me4tennessee 6 · 0⤊ 0⤋
A $170,000 mortage for 30 years at a fixed rate of 6% would result in a monthly payment of $1,019.24. Note that I arbitrarily chose the years and the interest rate since you did not provide them.
Bankrate.com allows you to put in different parameters to see what your payments would be.
2007-05-18 07:06:12 · answer #4 · answered by Kathryn 6 · 0⤊ 0⤋
depends on the interest rate
Annual rate/12
Pmt = Amt of loan x ------------------------
1 - ( 1 + Annual rate/12 ) ^ -mo's of loan
remember rate is the decimal number (7% = 0.07), mo's of loan is number of total months (30 year mortgage = 360 months)
2007-05-18 07:10:01 · answer #5 · answered by Izzy F 4 · 0⤊ 0⤋
$1,019.24 monthly at 6% interest rate..
Your credit history is what determines the interest rate..
Better credit history the lower the rate...
I gave you a standard rate..
NY Real Estate Agent
2007-05-18 07:20:04 · answer #6 · answered by BettyBoopGirl 5 · 0⤊ 0⤋
30 years at 5.9% would be 1008.00 a month
2007-05-18 07:04:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
http://www.bankrate.com/brm/mortgage-calculator.asp
2007-05-18 07:10:08 · answer #8 · answered by mama3 5 · 0⤊ 0⤋