for a $400,000 mortgage 100& financed and say at 6% what kind of payment am i looking at? with taxes and?

Question

$400,000 mortgage no down payment

say 6%

30 yrs, taxes in NJ, insurance,

what kind of payment am I looking at???

im confused on how to calculate it?

Answer 1

Some of these answers....I tell you! Ok, first of all, unless you are going Full Doc, showing all your income and debt and you have a great credit score you are not going 100%! On the slight chance you are going 100% which means it is conforming or FHA, the payment at 6% (means you or the seller is paying some points!) You will have mortgage insurance. The mortgage insurance will either be built into the rate or a monthly fee, which as of last year is a tax write off. The actual payment is $2398.20, mortgage insurance, you need to check with your loan officer to see if it is built in the rate, which will make the rate go from 6% to around 6.75%. Then the taxes will depend on the county you are buying in.....check with the county on the area you are in. The insurance could be as low as $400 per year to $700 per year depending if you are in a fire or flood zone. It is good that you are asking these questions since most buyers just trust their real estate agent who most the time can not answer these questions! Do not get me wrong, I am a broker, but I have extensive mortgage banking background and believe when an agent is working with the most important investment in a persons life, they, themselves should be educated and honest!

Answer 2

You want to get mortgage quotes from various lenders to determine your interest rate with no money down. The payment is based on the interest rate. 6% interest ratewould be a good estimate with 5% down payment and slightly higher with 3% down. But no money down mortgage loans are now costing much more than before. You could be anywhere from 7 to 9% interest. That will make a big difference on your payment on a 400,000 loan.

Answer 3

Depends a LOT on where you live in NJ, (I live there too), and pay over $12,000 a year in real estate taxes. Figure another $600 a year for insurance, plus fuel (oil or gas), plus electricity, plus a maintenance budget.

I also dont believe you'll qualify for 100% mortgage, but for fun, you'd pay about $2400 for a 30 year, 6% interest $400K mortgage.

Add in water, cable, phone, misc and you'll need about $5000 a month depending on where you live and if it's a condo or a single family home.

Here's a free website with a bunch of financial calculators so you can do some what if examples: http://www.hughchou.org/calc/

Answer 4

with no down payment, you will not get 6% or even close to it on a 30 yr fixed mortgage.

while the market is unstable and I'm not in NJ, I'd guess that you'll get no offers below 7.25% APR, possibly much higher.

***
a consultation with a local mortgage broker should provide temporarily reasonable information.

Answer 5

Just under $3,000. www.mortgage-calc.com/

Answer 6

The following is a mortgage calculator that should answer all your questions..you just fill in the figures and it does the rest.



http://www.bankrate.com/brm/popcalc2.asp

Answer 7

At least $3500/mo, (guess). Go to lending tree, you can use the mortgage calculator w/o entering in your personal info. In you enter your info., be prepared to get bombarded with offers...some of the calculators are misleading because they don't factor in insurance and other factors.

Answer 8

According to bankrate.com, it would be approximately $2398.20.