It depends on a couple of things.
1) Which loan program you need/qualify for.
Here's an example:
On a $125,000 FHA loan at 3.25%, your principle and interest payment will be $555.11 PLUS the FHA monthly mortgage insurance of $130.20 = $685.31 plus taxes and insurance. In this case you only have $114.69 (under your $800 budget) to apply towards taxes and interest.
The exact same scenario on a USDA mortgage will give you a principle and interest payment will be $555.11 PLUS the USDA monthly mortgage insurance of $41.67 = $596.78 plus taxes and insurance. In this case you have $203.22 (under your $800 budget) to apply towards taxes and interest.
2) The property taxes and home owner's insurance will impact how much you end up paying every month so you'll want to pay attention to how much the taxes are on each of the homes your interest in.
Here's a quick short cut you can use. For every $10,000 you borrow, your principle and interest payment will be $44.41 on a 30 year term at 3.25%.
You can also use the mortgage calculators on the following sites.
http://www.fhamortgagesdoneright.com - this mortgage calculator includes the FHA monthly mortgage insurance as well as estimates for taxes and insurance.
http://www.usdamortgageonline.com - this mortgage calculator includes the USDA monthly mortgage insurance as well as estimates for taxes and insurance.
Hope this information helps.
Feel free to contact me at your earliest convenience so I may share additional information.
Here's wishing you and your family a Happy Thanksgiving !
Oscar Nieto, Realtor with Exit West Realty, (915) 355-9305
Cynthia Ann Morris,
CNE, CRS ,CSP,ePRO, GRI, TAHS,Texas Property Tax Arbitrator,Certified Real Estate Instructor
Sales, Property Management and Investing First Time Home Buyer Specialist
Short Sales and Foreclosure WE BUY HOMES
Broker-Owner Serving you and all of El Paso County.
Phone 915 471 4300 Fax 915 855 4609
email cynthia@EPHomeSearch.com Website http://www.EPHomeSearch.com