Question by mysweetheart: How much will my monthly mortgage be?
Me and my husband are looking into buying a house. It’s being privately sold and they are asking $ 125, viagra doctor 000. I have an idea on a monthly mortgage, but I would like more opinions. Also, since I am a first time home buyer, will I have to pay a down payment for anything?
Best answer:
Answer by Rick B
Of course you need a down payment. You should plan to put 20% down if you want to avoid paying PMI. You will also need about 5% for closing costs. Finally, You should have a 3 to 6 month emergency fund.
What do you think? Answer below!
yep…;you’ll have to anti up …how much does he want down? 20%..
who’s carrying the note? bank or him?…bank? you’ll need the 20% down
realistically and a darned good credit rating to ge a loan today.
a good rule of thumb on a house note is 1% of the amount you financed
will be a good working figure for the costs of the place, each month. of course
that covers nothing else, just the building. another working rule of thumb is housing
costs should not exceed 25% of the take home pay as well…cuz you gotta pay for
all the other stuff too
Assuming that you are going through a bank or other institutional lender for your mortgage, you will have a minimum of a 3.5% down payment on an FHA loan (unless you or your husband qualifies for a VA loan) and then another say 5% for closing costs. Figure you’ll need $ 10,000 in cash. So figure about $ 4,000 for the down payment and a mortgage of $ 121,000. If you go conventional, you will probably need a 20% down payment (about $ 25,000) plus the closing costs, so figure you will need $ 30,000 at closing.
Working off the FHA loan, at 4% (about the going rate, your interest may vary) for 30 years, your principal and interest will be about $ 580 per month. Add in property taxes and homeowners insurance and you are probably looking at around $ 850 to $ 900 per month.