Property Q&A in Whitney>Question Details

Dallas Chamb…, Home Buyer in 76643

looking on the mortgage calc.I'm seeing a payment of about 650.00 this seems very low,so after everything inc.ins.and taxes what can I really expect?

Asked by Dallas Chambers, 76643 Sun Feb 7, 2010

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This question is about this property: http://www.trulia.com/property/mortgage/1045500788-15070-Gol…

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Chris is right. If you are seeing $650 then that is without tax/ins.
1 vote Thank Flag Link Mon Feb 8, 2010
Hi Dallas,
You certainly are correct. This payment wouldn't be acheivable with taxes and insurance at all, and it would be low regardless. The best way to get on track and truly know what you will pay is to contact a good mortgage professional. They can give you information based on your scenario. Your payment will differ based on the amount of your downpayment and your interest rate, which is dependant on your credit score.

Good luck!
Web Reference: http://www.ChrisTesch.com
1 vote Thank Flag Link Sun Feb 7, 2010
You are correct in assuming the payment may not take into consideration Taxes & Insurance. Uneless you are putting 20% down on the home, you should always count on having to add Taxes & Insurance escrow to your payment. In the case of this home, Hill County has certified a tax on the value of $224,090. The taxes for each for each home vary depending on school districts, assessments and exemptions and should be estimated by a lender who'll be able to pull a certified tax certificate. You would then take the annual levy imposed by the county, divide it by 12 and add that to the Principal & Interest payment.
Insurance is calculated in the same manner. One last consideration that adds to your monthly payment is the MIP (Mortgage Insurance Premium) that also accompanies a loan where you are putting less than 20% down.
A more realistic monthly payment would then be closer to the following:
These are not real numbers and only used for demonstration purposes.
Assuming a loan of 30 years with approximately 3.5% down at 6%, you would have payment of about $1230 per month. You can also use a more realistic calculator by visiting http://www.trulia.com/mortgage/calculator/payment/property/1…
I hope this helps answer your question.
Robert Regan
Web Reference: http://www.RKRegan.com
0 votes Thank Flag Link Sun Feb 7, 2010
It really depends on - if you have your 20 percent down - ($33,000 ) there is mortgage payment insurance if you dont, insurance, HOA (if there is one), and taxes. If you are interested in a particular property and you are dealing with a realtor - you can get more information and have your mortgage broker run some numbers for you. I would venture to guess $650 mortgage would mean under a $1000.
0 votes Thank Flag Link Sun Feb 7, 2010
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