Financing in 19148>Question Details

Lenore, Home Buyer in 19148

Hello.. Can you tell me "roughly"what my mortgage payment would be on a 60k loan??

Asked by Lenore, 19148 Tue Nov 15, 2011

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I use bank rate to calculate. Remember that you will have to pay for other costs (taxes, homeowners insurance, etc).
0 votes Thank Flag Link Thu Nov 17, 2011
Hi Lenore - Be careful when defining the term "mortgage payment". More than one prospective and new homeowner gets confused on this. The term "mortgage payment" seems to be used by professionals to describe only the principal and interest portion of the monthly cost of home ownership. But there are other factors in play as well. If you are putting down less than 20% of the lesser of the property cost or appraisal value, then you will need to also pay for Private Mortgage Insurance (aka PMI) - which typically is collected along with your mortgage payment. So knowing what your loan amount is doesn't tell us if your loan will be subject to PMI. The amount for PMI varies widely as well, taking in to account what the percentage of the Loan-to-value (LTV), your credit score, whether you are paying towards the PMI at settlement to defray the cost of PMI or whether it's just going to be only in your monthly payments, etc.
Also there are other factors - real estate taxes (typically school district, county and city/township/borough); some include sewer and trash in taxes so it can be collected as part of your monthly payment and others don't.
Also, most mortgage companies charge a higher interest rate if you choose to NOT escrow your taxes, a higher rate will affect your monthly payment.
Taxes from house to house, even within the same taxing jurisdiction, can vary widely. It's based on the value of your house according to the last assessment (not necessarily appraisal), so pay attention to how the house you are looking to buy compares to similar houses for tax purposes.
0 votes Thank Flag Link Wed Nov 16, 2011
i hope you have called a lender to get an answer for your situation
0 votes Thank Flag Link Tue Nov 15, 2011
Hello lenore

Use $5 per thousand as a rough guide.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes Thank Flag Link Tue Nov 15, 2011
Hi Lenore,

You may check out the Partners section of my website and visit one of my trusted mortgage partners.

http://www.homefinder360.com/featuredpartners/

While you are there, you can set up a FREE account, search the MLS like the pros do and save your searches / opt-in for daily alerts.

Best of luck to you!

R. Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
856.617.1212 mobile
info@homefinder360.com
http://www.homefinder360.com
0 votes Thank Flag Link Tue Nov 15, 2011
Lenore, if you want i can send you a list of homes in the area you are looking.

Just let me know. realexs@gmail.com

Best Regards,

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
0 votes Thank Flag Link Tue Nov 15, 2011
Hi Lenore,

I am not a mortgage professional, but I typically advise my clients to estimate 1% as a "rough" estimate. It's a high estimate and more than your payment would actually be, but it's always nicer to be surprised by a lower payment rather than a higher one.

So for a 60k loan, I'd very roughly estimate $600 to take into account if there happens to be higher than usual property taxes, insurance, etc.

Best wishes,
Nishika Jones
0 votes Thank Flag Link Tue Nov 15, 2011
Lenore, Roughly..........$400-$500.

I would have to have the variables such as Property Real Estate Taxes, Insurance, and the % of your loan which depends on the lender and your score.

Contact a professional Mortgage Broker, find a home and i can give you a better number.
Here is a good Mortgage Broker:

Edward Dubinsky
Branch Manager
Office: 267-296-9309
Cell: 215-808-5353
Fax: 215-701-9198
E-MaIl: edubinsky@ahmcloans.com
Web Site: edubinsky.ahmcloans.com
Web Reference: http://www.eRealtyFind.com
0 votes Thank Flag Link Tue Nov 15, 2011
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