Ok so this house I'm looking at is $265,000. I'm able to pay 30% down and 15 year fixed-rate with 7.5% interest rate.
So that's $79,500 down and then ??????? a month for 15 years...
how much!?
2007-06-12 23:49:28 · 3 answers · asked by ♥Come Break Me Down♥ 2 in Business & Finance ➔ Renting & Real Estate
oh im just guessing!!! I didn't know that was a lousy rate.
I'd rather pay 30% down than 20% down ... what's a good rate??????????
2007-06-13 00:03:44 · update #1
what's P & I ??
2007-06-13 00:09:47 · update #2
Simple answer is $1719.61 is your P&I(Principal & Interest) payment. However you might want to add T&I(Taxes & Insurance) which now becomes PITI(Principal,Interest, Taxes, Insurance) and this is done by taking the yearly taxes and yearly insurance costs - divide by 12 and add that number to the payment as this will give you PITI. You are allowed to pay taxes and insurance on your own.
By the way 7.5% is a very HIGH RATE for 15 years. Unless your credit is not so good or you are not able to prove income your rate should be closer to 6.5% or less. Need more help www.esimortgage.net
2007-06-13 02:38:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
P & I would be $1,719.61. Taxes and insurance would normally be added to that.
7.5% on a 15-year with that much down is a lousy rate, by the way, unless your credit is in the toilet. 6.125% would be more like it. The P & I payments would be $1,577.91.
2007-06-13 07:01:03 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
u need to get a rate of 5.5% which is pretty average. anything higher is shitty.
2007-06-13 09:04:48 · answer #3 · answered by spadezgurl22 6 · 0⤊ 0⤋