Home Buying in Albuquerque>Question Details

M_QUINTANA_4…, Home Buyer in Albuquerque, NM

How accurate is the monthly price breakdown that is shown on the houses? Is that the best case scenario price if you have excellent credit?

Asked by M_QUINTANA_4120, Albuquerque, NM Wed Apr 17, 2013

I'm assuming that if your credit is less than perfect that that price will go up. Is that accurate?

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Answers

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The best way to determine the monthly price breakdown of a house is the double check the numbers. It is a three part calculation. combining:

1. LOAN PAYMENT PRINCIPLE AND INTEREST: To get the monthly principle and interest payment go to this website for a calculation: http://www.amortization-calc.com/.

2. HAZARD INSURANCE: To estimate the insurance annual payment, multiply the purchase price by .0033. Divide by 12 to get the monthly payment.

3. PROPERTY TAXES: To get the estimated annual property tax on a property visit the county assessor's website. In Bernalillo County that web address is: http://www.bernco.gov/property-tax-calculator/. Divide the annual property tax by 12 to get the monthly payment.

Add the monthly payment, plus 1/12th of the hazard insurance and 1/12th of the property taxed together and that is your estimated monthly payment.
0 votes Thank Flag Link Wed Apr 17, 2013
I would always be leary of the online calculators no matter what site they are on. There are so many variables in what your payment will be. It depends on loan type, amount down, credit score, taxes on the property, age of the property (for insurance), and more. I have a couple good lenders that I think have really competitive rates and costs. Would you like a recommendation? Call or text me at 5053010694. I'm Matt Templeton with Re/Max Alliance.
0 votes Thank Flag Link Wed Apr 17, 2013
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