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I want to buy a house in the next year in california. I found one i want for appr. 100,000, and i could get it for less im sure. maybe 95,000. I am working on building my credit to where it needs to be so i can get approved for my loan, in the meantime, how much money should i expect to pay out monthly for a house this much. I have no idea what my interest rate will be, and i have 10,000 to put down but thats it. I am single and want to do this on my own, and if need be i can rent a room out to a friend until i get back on my feet. Should I be looking at putting back more than 2,000 a month? thats a lot and i dont think i can do that. I want a fixed rate 30 year home loan. i just need figures, and yes i will not be this naive when it comes down to it, just bored and curious as to what im looking at... thanks

2007-12-20 05:15:49 · 2 answers · asked by Anonymous in Business & Finance Renting & Real Estate

2 answers

With 10% down and not great credit your rate will be up, taxes are another thing you will have to look them up add to that insurance, and PMI because you are under 20% vested. Here is a calculator where you can fill in the blanks
http://cgi.money.cnn.com/tools/mortgagecalc/
Next add electric $100 - $400 month dependent upon you and the weather. Upkeep homes need repair and it can be expensive, Weekly maintenance like cutting the lawn. Water and Sewer bills appliances, and you must take into consideration food, your other bills, credit cards, car payments, insurance etc. This is all pitted against what your income is, and the availability of obtaining that mortgage also is a percentage of payment versus income. 2K a month on a home in CA, easy to spend from what I have read.

2007-12-20 09:18:14 · answer #1 · answered by Pengy 7 · 0 0

If you get a 6% mortgage you'll pay like 600 a month. I have no idea about property taxes and maintenance or other expenses.

2007-12-20 13:22:54 · answer #2 · answered by Aleks 6 · 0 1

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