Home Buying in 90041>Question Details

joe C., Home Buyer in Los Angeles, CA

can anyone tell me how much my monthly payment would be if i purchase a duplex at 195,000?

Asked by joe C., Los Angeles, CA Tue Mar 24, 2009

What payments would i have monthly with isurance etc.

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Answers

5
Joe, if you got 20% down your total payment including Tax and Insurance would be 1034.

If you do FHA and only put 3.5% down total payment is 1256.

Both of these are 30 year fixed.

Hope this helps.
0 votes Thank Flag Link Tue Apr 14, 2009
Hi Joe, Thanks for your email. Our scheduling office tried to email you back but it wouldn't go through. The standard minimum fee for a duplex is $395. However if the property is two structures rather than one, the price will change a bit. i suggest that you call 818-951-1795 and ask to speak with the scheduling office. they will ask you a few questions and determine the exact cost for you. It should only take a few minutes.

John LaRocca
0 votes Thank Flag Link Thu Mar 26, 2009
Hi Joe,

This is really pretty simple stuff. Here's one of the many mortgage calculators available on-line that give you a good rough estimate:

http://www.bankrate.com/brm/mortgage-calculator.asp

Assuming that you have good credit, $100K of mortgage runs around $600 per month. That is just Principle and Interest - the loan itself. Just extrapolate that out for the amount of whatever the mortgage is on your home.

Home Insurance is pretty reasonable - on a property like that, it's likely in the $500/year range (not counting perhaps earthquake insurance - we "have that" here - but it's free since we don't get them).

BUT - then you have Mortgage Insurance - if you don't put down 20%. This is perhaps $75/month for that property. Taxes will also be factored in to your mortgage payment - held in escrow by them and they pay them for you. So take the yearly takes - say $2400? And add another $200 each month.

Technically, you can pay your own taxes directly if you put down 20% BUT the lender will then charge you a slightly higher rate. On a property of that cost - it's usually better to take the lower rate, and let your lender collect the taxes and pay them for you.

Ah ... and then there are association fees. These can really affect your real monthly costs. Some of these are very reasonable, like $50/month or $150 per quarter. Some are very expensive like $250/month. So be very careful about association fees - they can sometimes ruin the entire economic model for buying one place vs. another. Generally (not always) townhouses have much more reasonable association fees - but that's more true here in my market and may have nothing at all to do with yours.

Note: we haven't discussed closing costs at all - when you buy they will be part of the equation too.

I hope this helps!

Jeff
0 votes Thank Flag Link Tue Mar 24, 2009
Feel free to contact me regarding any payment questions if you like.

Good luck to you...
0 votes Thank Flag Link Tue Mar 24, 2009
Joe, again you really need an agent. An agent would help you with all of this information.

Dyanna
0 votes Thank Flag Link Tue Mar 24, 2009
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