If I bought a house for $220,000, how much would it cost a month.( I have no idea). I know the length would affect the payment, as well as other things. Any input will be appreciated.
Thanks.
2007-07-30 21:47:24 · 7 answers · asked by BDI Thug 4 in Business & Finance ➔ Renting & Real Estate
You should probably check to website of your lender, they have several calculators you can use to check your mortgage rates. Also, Microsoft excel has a very useful loan amortization worksheet. I've found that the results from that worksheet often correspond with the figures I am quoted from my loan officer.
I believe the most common loan periods are 15 and 30 years. For a 15 year loan, the payments are more but the interest is less so you end up paying less money in total. Also you need to consider how much of the 220,000 you can afford to pay as a down payment. Also, your interest rate will determine your monthly payments.
These are the figures I got from one Bank of America calculator (there are several):
1. House cost :220,000
Down payment: 20,000
Loan amount: 200,000 @ 6.5% and 30yrs
Total monthly payments: $1,540
2. The same figures with a 15 year mortgage:
Total monthly payments: $1,997
Best of luck with your search :)
2007-07-31 00:44:10 · answer #1 · answered by Jwizz5000 3 · 0⤊ 0⤋
If you put 20% (44k) down and borrow $176k, the monthly principal and interest payment at 6.25% for 30 years (average rate right now) is $1,084 a month.
If you need to borrow more than 80%, you will probably need to either pay PMI (private mortgage insurance) or get a 2nd mortgage at a higher rate - either of which will increase your costs in addition to the increased costs of borrowing more money.
And don't forget about the property taxes and homeowner's insurance. Depending on where you buy, they could add another $500 or more a month to your total cost.
2007-07-31 00:52:41 · answer #2 · answered by aj485 5 · 0⤊ 0⤋
PITI (crucial, pastime, Taxes and coverage) could be a complete month-to-month cost. What occurs is they cost you month-to-month for taxes and coverage and positioned that money into an escrow account which builds with the aid of the years until the taxes and coverage is due. In that situation coverage could be your householders coverage (or possibility coverage). you will possibly have yet another form of coverage it extremely is PMI (private own loan coverage) which a financial business enterprise collects in case you have under 20% fairness interior the own loan.
2016-11-10 19:16:46 · answer #3 · answered by valderrama 4 · 0⤊ 0⤋
That would very much depends on your loan amount, loan tenure and interest rate.
Be prepare to fork out at least $2K a month.
2007-07-30 22:04:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
around $880.00 by my best guess on current interest rates and the normal loan 30 years.
2007-07-30 22:03:49 · answer #5 · answered by firetdriver_99 5 · 0⤊ 2⤋
search for mortgage calculators online.
it will be at least $1500, my guess...
2007-07-31 05:10:38 · answer #6 · answered by Ember Halo 6 · 0⤊ 0⤋
mortgagecalculator.com
2007-07-31 00:37:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋