$250,000 house; 15 yr mortgage; monthly payment including taxes, insurance, and PMI cannot exceed $1611
2007-06-13 01:08:07 · 6 answers · asked by Alexandra 1 in Business & Finance ➔ Renting & Real Estate
There are several factors here that need to be reviewed. First we need to know your taxes and insurance to give you accurate figures, next we need to know your credit situation to give an accurate rate of interest. BUT leaving those all aside and giving you a ballpark AVERAGE based on excellence of credit and an average of taxes and insurance of the country I can tell you as a Lender that you need roughly 36% ($90k) down and at 6.5% your P&I is $1393.77 - the rest is made up of Taxes and insurance ($217.23) allowed or available. Need more help - www.esimortgage.net
2007-06-13 02:26:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You're going to need a hefty downpayment. The MOST you can borrow for a 15 year mortgage at 7% and not exceed $1611 per month for principal and interest ONLY is about $179,000. Since I have no clue what your taxes, insurance and PMI are, you can take it from there.
2007-06-13 08:16:43 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
good luck with that one,would need somewhere around 30 percent down.most likely around 70,000
2007-06-13 08:11:43 · answer #3 · answered by Bill L 3 · 0⤊ 0⤋
You should use a mortagae calculator. There are several online. Here's one you can try:
http://www.mortgage-calc.com/
2007-06-13 08:13:04 · answer #4 · answered by fdm215 7 · 0⤊ 0⤋
at the very least $60,000 unless you are a first time buyer
2007-06-13 08:37:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
50,000
2007-06-13 08:10:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋