Refinance calculation on new home purchase in CT?

Question

I'm thinking of selling my home for not less than $250K and buying one for $275K. My current mortgage has $164,145 outstanding. I bought my current home for $215K. Is there some formula I can use to figure out how much I need to finance. I also want to pay off $24000 in credit cards and keep about $4000 for a rainy day. I need to pay for moving and closing costs also (I'm in CT). The taxes on the new home would be $3410. Anybody know how to figure this out. Never was any good at stuff like this.
Thanks in advance

Answer 1

I'm not sure I understand the question.

You plan to sell a property for $250,000. You need $164,145 to pay off the current mtg, $24000 for credit card debt and you want $4000 in your pocket. That leaves $57855 of the proceeds for the new purchase.

You'll need money for closing costs, about $5500 and the agency fee, about $17500 (7%, average here), so you have just under $35000 for a downpayment. A 30 year fixed rate for $240000 is probably about 6.5%, so you'll be paying about $1975, including taxes & insurance and mortgage insurance, per month.

Does that help? I work for a lender and I used our calculator here. This is pretty much what I'd be able to tell a customer, in a nutshell.

Answer 2

I would put it into a spreadsheet like Excel. There are a number of other things that will need to be considered, such as the Conveyance Tax (between 3/4 of one percent to a full percent in CT, depending on the town), realtor fees, attorney fees, and the like.

I figure you'll net about $70,000 on the first transaction, leaving about $42,000 after the cash reserve and credit cards. If your credit score is good, you should be able to get a 90% loan on the new house, which would probably still leave you around $8,000 after closing costs.

Answer 3

If you are looking to do a cash out refinance, please click on my profile and email me. I will be able to assist you more effectively once we go over all of the details of this loan.