Home Buying in Taft>Question Details

Redhairgirl03, Home Buyer in Taft, Orlando, FL

The cost of my mortgage

Asked by Redhairgirl03, Taft, Orlando, FL Mon Jul 18, 2011

Hi I am a first time buyer. I am interested in a home that cost $58,000, and I was told my mortgage payment will be $692.00 a month. Does that sound correct?

Help the community by answering this question:

Answers

2
BEST ANSWER
Hello!

If we assumming that you are using similar figures as this:

Sales Price $58,900
Down payment 3.5%

Down Payment Amount $2,062
Loan Amount (Principal) $56,839
Rate (Interest) 4.75%
Loan Years 30
Home Owner's Insurance 75
Payment ($371.50)

Taxes $111.91 ($58,900*.0019)
Mortgage Ins. Premiun $27.98 ((0.0057*Sales Price)/12
Total Subpayment ($139.89)

HOA $0.00
Total Payment ($511.38)

The payment is in parenthesis because in finance, parenthesis means negative numbers. A negative numbers means that the money is coming out of your pocket on a monthly basis and not into your pocket on a monthly basis. Remember that these figures are estimated values and there will be variations.

I can help you negotiate the terms of this property if you do not have a Real Estate Agent. I work in zip code 32824 where the property is located.

Let me know if I can be of assistance.

Javier Rodríguez
HouseStar Realty Group Inc.
Real Estate Broker
Lic: BK703443
Certified SFR Short Sale and Foreclosure Resource

Office: 407.429.5243 | Cell: 407.301.3401 | Fax: 407.373.0064 | eFax: 407.264.6260
Email: jrodriguez@housestarrealty.com
Main Office: 1033 Semoran Blvd Suite 245 | Casselberry, FL | 32707 USA
Branch Office: 13538 Village Park Suite 260 | Orlando, FL | 32837 USA
0 votes Thank Flag Link Mon Jul 18, 2011
It depends on:

1. Interest rate
2. Loan term (30-year fixed, 15-year fixed, etc.)
3. Property taxes
4. Homeowners insurance
5. HOA/Condo Fee
6. Down payment

If you can let us know figures are being used for those, we can tell you if the $692/mo is accurate.
0 votes Thank Flag Link Mon Jul 18, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Florida > Orange County > Orlando > Taft > Home Buying in Taft > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer