what would the average payment for a 400,000 dollar loan be????

Question

my dad offered to sell me his house for this amount, I want to get the property because it is a fair price considering the neighborhood. I plan on probably going to a bank rather than a broker...please help

Answer 1

400k for 30 years at 6% is ~$2400 per month.

6% rate means your credit is great. You have documented, verifiable income. You make enough to afford it (probably in the neighborhood of $130,000 per year).

The $2400 per month is really going to be a lot more than that. You will pay ~$1000/yr for insurance (could be more, could be less, depends on where the house is). You will pay about $6000/yr in real estate taxes (estimated at 1.5% per year -- could be less, could be much more). Now we're at $3000 per month. If your loan to value is >80% there will be a penalty in rate and in paying PMI.

Minimum payment for a 400,000 loan is ~$3100 per month. Average would be closer to $3500 per month.

good luck!

Answer 2

Almost sure that you must find every financial answer at: loandirectory.info-

RE What would the average payment for a 400,000 dollar loan be????

my dad offered to sell me his house for this amount, I want to get the property because it is a fair price considering the neighborhood. I plan on probably going to a bank rather than ...show more

Answer 3

You will receive the best rate granted that you have a credit score over 720, you have considerable savings in the bank (at least 6 months worth of reserves + downpayment). In addition, and you will be declaring Full Income Documentation. The major remaining factor is the appraised value of the property, which will determine what your Loan To Value (LTV) will be. The lower your ltv in this case, the lower your rate will be. Your downpayment can comprise a gift of equity passed on from your dad to you, so if your gift of equity and other downpayments total 20% of the purchase price (leaving your LTV at 80%), your par rate (no ysp/ rebate points to the broker) would be 6% on a 30 Year Fixed with a payment of $2398.20 (Principal & Interest only). You need to add your taxes and insurance to completely calculate the total monthly payment.
The larger your downpayment is, using this scenario, the lower your monthly payment will be. Another factor is the state that you live in - the scenario was used assuming a NY property.

Answer 4

This Site Might Help You.

RE:
what would the average payment for a 400,000 dollar loan be????
my dad offered to sell me his house for this amount, I want to get the property because it is a fair price considering the neighborhood. I plan on probably going to a bank rather than a broker...please help

Answer 5

400000 Dollar House

Answer 6

This may be feasible