Property Q&A in Carlsbad>Question Details

Voula Theoph…, Home Buyer in Carlsbad, CA

Excuse my ignorance for asking a very likely silly question.. Im from Australia and looking at homes over the internet..but...What are Est. payments?

Asked by Voula Theophilopoulos, Carlsbad, CA Wed Aug 10, 2011

--
This question is about this property: http://www.trulia.com/property/3047048486-602-Navigator-Ct-C…

Help the community by answering this question:

Answers

14
Voula - Thank you for stopping by to ask the experts! Best wishes in your hunt for a home : )
0 votes Thank Flag Link Thu Aug 11, 2011
We's certainly like to hear from you Voula
0 votes Thank Flag Link Thu Aug 11, 2011
Thank you everyone for your helpfull and prompt responses!
Much appreciated.

Kind Regards
Voula
0 votes Thank Flag Link Thu Aug 11, 2011
Voula,

Est payments is just an abreviation for the estimated mortgage payment on the property you were looking at using the down payment and interest parameters on the website.

Bree Estape
bree@prusd.com
858-405-2003
http://www.breeestape.com
0 votes Thank Flag Link Thu Aug 11, 2011
As Nevin has said it is best to talk with a licensed loan officer, that way you get the most accurate estimate for your credit situation. I would love to help you with your search in the Carlsbad area, as it can be quite a difficult task to accomplish on your own, with just the internet. We can sit down and look at all the complete picture and get you moving in the right direction. I look forward to hearing from you.
0 votes Thank Flag Link Thu Aug 11, 2011
Est. payments is an abbreviation that stands for Estimated Payments. Those payments are based on the home being purchased at the price displayed on the property report at conventional terms. As the terms of any loan you might use to purchase the home change by making a higher down payment, shortening the length of the loan or acquiring a different interest rate will all effect the payment.

Of course, if the home is to be a cash purchase then the portion of the estimated payments made on a loan are not a concern but property taxes, insurance, and home owners association fees would still need to be considered.

I believe that should clear things up a bit for you but if you have any further then contact me by clicking on my name & I'll be happy to follow up. And by the way, coastal San Diego is a great place to be looking for a home. I love living here, know the area very well and think you are going to love it too!
0 votes Thank Flag Link Thu Aug 11, 2011
As many here have said...estimated payment. There are so many variables that determine a person's payment: credit score, debts versus income, amount of down payment, type of loan, rate lock duration, interest rate chosen. Rather than tinker with an online calculator it is best to speak to a licensed loan officer. I wrote an article about this on my blog: http://activerain.com/blogsview/1853673/sir-i-think-your-cal…
0 votes Thank Flag Link Thu Aug 11, 2011
when you buy a home and you get a loan,you have monthly payment due to the bank,your estimated payments are??????
Are you looking for a home in San diego Area??
0 votes Thank Flag Link Thu Aug 11, 2011
I know this property. A good friend of mine bought it a few years ago. If you've got the money to buy it I'd pull the trigger.
0 votes Thank Flag Link Wed Aug 10, 2011
Voula,

You asked "What are Est. payments?"

That is a reasonable question. Est Payments are the Estimated Payments for the home based on current interest rates in todays market, with a down payment of 5%. The $4115 probably includes the $700/month for property taxes and $100/month for insurance. I doubt it includes HOA - Homeowners Association dues.

If you go to the property and click on the "Mortgage" tab, you will see current rates for loans and you can adjust the numbers for the amount of money you want to put down.
With 20% down, the Est Payments drop to around $2800/month. Then add Taxes & Insurance for about $3600/month based on the 4.5% rates quoted on the mortgage tab.

Hope this helps.
Please feel welcome to contact me for more information by clicking on my name.
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® Lic #00476662
RE/MAX By-the-Sea, Carlsbad CA
0 votes Thank Flag Link Wed Aug 10, 2011
Est payments is just an abreviation for the estimated mortgage payment on the property you were looking at using the down payment and interest parameters on the website.
0 votes Thank Flag Link Wed Aug 10, 2011
There was a mortgage tab you could have selected to get the below information. The estimated payment for this property assumes a 20% down payment and includes estimated costs for property taxes and insurance all based on the asking price of $699k. If you make it to Carlsbad, I am happy to show you this and any other property you may want to see. Send me an email and I can give you additional insights and info about Carlsbad.

BeachBrokerBill
CA DRE #01775528
Bill@coastalhomesofsandiego.com

Loan Information
Price of property: $699,900
Down payment (20%): $139,980
Loan amount: $559,920
Interest rate: 6.000%
Loan term: 30 Years
Payoff date: Aug, 2041
You have 360 payments that total to: $1,481,483
Monthly Payment Information
Principal and interest payment: $3,357.00
Property Taxes: $583.25
Hazard insurance: $174.98
Private Mortgage Insurance: $0.00
Total monthly payments: $4,115.23
0 votes Thank Flag Link Wed Aug 10, 2011
Estimated payments can include interest and principle payments for the loan. They might also include property tax payments if you are expecting to have those paid out of an escrow account. If you are putting less than 20% down your lender will likely require you to have an escrow account.
0 votes Thank Flag Link Wed Aug 10, 2011
The probable, monthly payments given prevailing interest rates on home loans.
0 votes Thank Flag Link Wed Aug 10, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer