I heard on TV the other day that for every thousand dollars your payment will be "X" amount more. I just don't remember how much more. We are looking at 2 houses and one is $10,000 more. Im wondering how much more that would add to the payment. I know it depends on interest rate... etc. Im just looking for an approx. Thanks!
2007-08-11 15:19:04 · 8 answers · asked by jon jon's girl 5 in Business & Finance ➔ Renting & Real Estate
It seems like I have heard that somewhere too but I don't remember, either. Go to:
http://www.mortgage101.com/Calculators/Payment.asp?p=mtg101
for a mortgage calculator.
2007-08-11 15:30:17 · answer #1 · answered by Emily 5 · 1⤊ 0⤋
I just want to offer a helpful hint about house payments. I am a single mom and paid off my 30 yr loan in 15 yrs. And it was easy. It works best during the first few years of the mortgage. For example....lets say your payment is a $1,000 (just a sample) and the interest is $950 and the principal is $50. Just doubling up on the principal will save you $950. (You make a $1050 payment). Multiply that for X amount of years and see what you will save. I paid (most of the time) 5 X the principal. In our sample that would be 5 X 50 = $250 extra. Saving $950 X 5 =$4750. Just a suggestion. Be sure your mortgage will let you do this.
2007-08-11 15:34:19 · answer #2 · answered by kingsley 6 · 3⤊ 1⤋
The general rule to figure out the payment is 100 dollars per 10 thousand borrowed. Example:
60,000 dollar house will be approximately 600 a month. This includes taxes and insurance.
2007-08-11 15:29:32 · answer #3 · answered by captainweeble 2 · 2⤊ 0⤋
A lot of these other posters are making the answer much more difficult than it needs to be.
As a general rule of thumb, your payment (with interest, taxes & insurance) will be about 1% of the loan amount, or $1 for every $1,000. So a $100,000 loan would have a $1,000 payment.
Good luck!
2007-08-11 16:09:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
How long of a loan? 15 year? 30 year? What interest rate? 5% 8% 12%?
All makes a big difference.
2007-08-11 15:28:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
What occurs is that with the aid of doing bi-weekly, you're making 13 (26 0.5, for 13 comprehensive money) comprehensive money in step with 3 hundred and sixty 5 days somewhat of 12 (one in step with month). Doing it weekly provides up precisely the comparable as bi-weekly and you do no longer save further money.
2016-12-30 10:08:49 · answer #6 · answered by nail 3 · 0⤊ 0⤋
It's usually 20% of the purchase value. BUT, check with a real estate agent
2007-08-11 15:26:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I'm an ex-mortgage guy. This is a must read about payments. Don't worry only about payments!!! You can lose your home. It is type of loan!
http://www.armcrash.com/
2007-08-11 15:26:20 · answer #8 · answered by RuffRuff 3 · 0⤊ 3⤋