Home Buying in Ceres>Question Details

Stephanie, Home Buyer in Ceres, CA

if the house is 100,000 and you put 30,000 down how much would your payments be?

Asked by Stephanie, Ceres, CA Mon Apr 11, 2011

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Answers

3
Hi Stephanie.

This is a great question, that many buyers will ask. Your month payments have several variables, including but limited to, interest rates, credit scrores, and lenght/style of mortgage. (Fixed/ARM)

Your credit scores and debt to income ratio will impact your interest rate.

But for this, we will use an avarage example.
$100,000 Purchase Price
$30,000 Earnst Money
$70,000 Mortgage.
On a 30 Year Fixed Mortgage at 5% rate payments should be about $375.78

Now, your bank might require your taxes to be escrowed into your payment. Which can raise that amount based off your taxes.

I would strongly suggest though that you talk with a mortgage broker. To see all the options available to you, as well to fig in all the X factors.

If you would like, I can have a mortgage broker reach out to you.


Hope this help. Best of Luck
Adam
1 vote Thank Flag Link Mon Apr 11, 2011
Hello Stephanie:
I get the same figure as Adam: 375.78.

You can perform this calculation for yourself if you want to run more numbers.

http://www.realtor.com/home-finance/financial-calculators/mo…
http://www.homesbyowner.com/boulder/Mortgage_Calc.asp?Price=5.35
http://www.junglindas.com/mortgage.php

Best,
SuZ
PML of Longmont
720.810.0683
0 votes Thank Flag Link Mon Apr 11, 2011
For accurate information as it applies to you, consider visiting with any qualified loan officer, after reviewing your overall financials, credit, debt, etc., a determination on qualification can be made, the type of loan, how much, how much down, etc., be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.....
0 votes Thank Flag Link Mon Apr 11, 2011
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