What would the estimated mortgage payment be a month?
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2007-10-28 17:54:42 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Credit score 710. Interest rate unknown. I am just wondering what people out there say. Maybe someone has bought a home recently in California with a credit score in a relatively same area of a score as mine.
Thank you!
2007-10-28 18:06:23 · update #1
Car and student loan are my only expenses and both are almost paid off in full.
2007-10-28 18:08:46 · update #2
With really good credit you are looking at $100k. Some banks would lend you the $300k with income less than that, but please figure out if you can really afford it or not. Find out what the payments are and simulate them for a few months (deposit the difference between your rent and the new payment in your savings account -- let's you see how the new payment affects your lifestyle and gives you a few bucks in savings).
good luck!
Total payment depends on taxes and insurance. The rest of payment is principal and interest. Since interest is the dominant cost in a home mortgage without knowing the interest rate, we can't tell you.
A 30 year fixed at 5% is $1610 per month.
A 30 year fixed at 6.5% is $1896 per month (just principal and interest.
A 30 year fixed at 8% is $2201 per month (again, just principal and interest)
2007-10-29 04:20:41 · answer #1 · answered by Rush is a band 7 · 1⤊ 0⤋
Most banks work on a formula where the maximum monthly principal, interest taxes and insurance payment amount they will give is 28% of your gross monthly salary, and 32% total debt to salary ratio. (Total debt will be mortgage payment, car loan, student loan, and revolving credit card debt).
A $300k mortgage would cost approx $1750/mo, and assume taxes of $500 and insurance of 100, for a total of 2350. That would require approx 8500 a mo, or 102,000 a year. Your downpayment, and your car and student loans can affect that number as well.
2007-10-29 09:16:36 · answer #2 · answered by patrick 6 · 1⤊ 0⤋
After you accumulate some intelligent answers from this forum... take them and sit down with a referred loan officer to complete a full application and have your 3 credit scores ($20) pulled. From there you can be provided programs that you actually qualify for, and you can gauge what your monthly payments will be, and see what loan amount you qualify for. http://www.choicerealestate.net/20878.php
2007-10-29 10:37:28 · answer #3 · answered by Anonymous · 1⤊ 0⤋
$80,000 with good credit and not much other debt would probably do it. But like everyone else is saying, it depends on a million different factors. Talk to a loan officer at your bank and a real estate agent.
2007-10-29 01:04:58 · answer #4 · answered by Keep On Trucking 4 · 1⤊ 0⤋
I brother got approved for $350,000 making a little less than $60,000 year, however he has close to a 800 credit score. My guess would be $50,000 year. Good luck to ya.
2007-10-29 03:23:00 · answer #5 · answered by Jada515 3 · 1⤊ 1⤋
It's so much about what you make, but rather about what you spend. Without knowing your other expenses, it's nearly imnpossible to answer this question.
2007-10-29 01:03:46 · answer #6 · answered by Shawn R 2 · 0⤊ 0⤋
That would vary on the current interest rate and your creidt rating
2007-10-29 01:01:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you would probably get a good interest rate... i found a mortgage calulator on this site so you can get an accurate answer.. this site has tons of information
http://www.timmdelaney.com
http://www.timmdelaney.com/PageManager/Default.aspx/PageID=2041211
2007-10-29 02:12:27 · answer #8 · answered by Pure Genius 3 · 0⤊ 1⤋