Property Q&A in Canton>Question Details

sgambina, Home Buyer in Canton, GA

What would the payments generally be on this property with a fair market value of $306,000.00? Thank you.

Asked by sgambina, Canton, GA Mon Feb 4, 2013

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5
Hi Sam,

Since it appears you have already received the answer to your question, may I extend my services
should you need any further assistance with real estate. Thanks

Laquita Baez
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metrobrokers
770.901.0956
http://www.LaquitaBaez.com
0 votes Thank Flag Link Tue Feb 5, 2013
There is no way to give an accurate answer to this question without more details. There are many factors that go into a mortgage payment. Some of those include:

- Down Payment
- Home Owner's Insurance
- Mortgage Insurance (if downpayment is
0 votes Thank Flag Link Mon Feb 4, 2013
In order to get clear picture of what your payments would be, contact a mortgage broker. As a consumer you should check at least 3 different lenders.
0 votes Thank Flag Link Mon Feb 4, 2013
You did not indicate what you will be making as a down payment. The mortgage amount is what your repayment will be based on and not the purchase price. The minimum down payment on an FHA loan is 3.5%, if you happen to qualify for a VA loan you can still find 100% financing. At a 100% financing at the current market rate for good credit you would be looking at somewhere in the neighborhood of $1,400 for principle and interest. With only a minimum down payment you will incur monthly mortgage insurance premiums and you will have to escrow for you taxes and insurance. All of these will all bump up your monthly payment.

The best place for you to start is by contacting a mortgage lender and get pre-quaified for a mortgage. Then you know what you qualify for when you start your home search. Also, find a great real estate agent that will help you find your dream home and guide you through the process.
0 votes Thank Flag Link Mon Feb 4, 2013
Several factors are at play when determining your payment including how much you will borrow, the interest rate and length of your loan. Additionally, factors including taxes, insurance and PMI, all of which are part of your monthly house payment, are also taken into consideration. Your home value will affect your payment as well.
Let's say you are borrowing $306,000.00 for 30 years with an interest rate of 5.000%. If the value of your home is $300,000.00, your property taxes are $3,000.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $2,145.17. This is because you need to pay $1,642.67 toward the actual loan, plus $250.00 for real estate taxes and $125 towards insurance.
0 votes Thank Flag Link Mon Feb 4, 2013
Thank you so much. You are very thorough and insightful in your assumptions. This is what I was hoping for from an estimate. May God continue to bless both you and your business far more than you can hope or even imagine, Sam Gambina
Flag Mon Feb 4, 2013
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