Thanks for the question.
There are several variables on the mortgage payments. The interest rate will vary depending on what mortgage you qualify for and any program you may have the option to use too.
On a rule of thumb using an FHA loan with no allowances you need 3.5% as a downpayment and another 3.5% for closing costs. Sometimes an owner may pay some of the closing costs.
Some programs can give you up to 4% towards closing cost or/and downpayment.
Best thing is to talk to a loan officer to give you the actual numbers. Call William De La Torre, Wells Fargo Home Mortgage at 856-562-2286. He can run the numbers for you.
Ines De La Cruz, Realtor, ABR, CRS
To view all the homes in NJ visit http://www.inesdelacruz.com
609-313-8518 or firstname.lastname@example.org