If I finance 125,000 for a 30 year fixed loan it equals out to $739.00 per month.
What other costs will be tacked on top of my mortgage besides .......
1. neighborhood dues - 40.00 month
2. PMI - 50.00
3. Homeowners insurance - ???? I have no idea how much
Just trying to decide what I can afford.
2007-11-01 02:01:37 · 5 answers · asked by spoildrotn 2 in Business & Finance ➔ Renting & Real Estate
There is also property taxes, paid monthly if your mortgage payment includes impounds (monthly calculation of taxes, insurance and PMI) OR depending on where you are, paid 2 to 4 times per year. Bloomberg has a Mortgage Qualifier calculator for an idea of what to expect; it's in Calculators under Investment Tools @ www.Bloomberg.com
2007-11-01 02:44:43 · answer #1 · answered by Ajelle 2 · 0⤊ 0⤋
Since you're trying to figure what you can afford, don't forget about maintenance and upkeep on your new home, plus the cost to furnish it. All the little things add up. The rule to follow is to add 40% of your monthly payment and that's what you'll really be spending for a new home. That would be 40% of $740, or $296 more just for maintenance, repairs, etc.
2007-11-01 09:26:34 · answer #2 · answered by from me to you 7 · 0⤊ 0⤋
We use the acronym PITI to remember - principal, interest, taxes, insurance. Plus you'll have the PMI and home owner's dues if there are any.
2007-11-01 09:20:02 · answer #3 · answered by Cristina V 3 · 0⤊ 0⤋
yes... plus your Homeowner's insurance and property taxes monthly. If you put 20% down, you have the option to pay your taxes and insurance on your own and not escrow them with your lender. http://www.choicerealestate.net
2007-11-01 09:53:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
All of the above, plus property taxes.
2007-11-01 09:13:46 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋