Home Buying in Omaha>Question Details

Todd, Home Buyer in Omaha, NE

What are the average total monthly costs for an Omaha home?

Asked by Todd, Omaha, NE Thu Jul 31, 2008

As in, for an average 120k house, on a 30 year fixed, what is the average monthly payment including insurance, taxes, etc in Omaha. Obviously this varies based on money down, interest, etc, but it's so hard to figure for a first time home buyer how the sticker price equates to the monthly price excluding utilities.

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Hi Todd,
There are numerous mortgage calculators on the web that can help you with this. Type in "mortgage calculator" on Google and something should come up.
As a first time homebuyer, be sure to check into the special $7,500 tax credit available. Have a trusted loan officer and a knowledgable Realtor assist you. They will provide many important answers for you.
Knowlege is power. Ignorance is expensive.
Good luck.
Dean Uhing
Prudential Ambassador Real Estate - Omaha.
1 vote Thank Flag Link Fri Aug 1, 2008
If you have an interest date of 7% and a loan of 100,000. The principle and interest is 700.00 per month.
You will need to add in taxes and insurance. Depending on the mill levy and the county value, add another
3%. Now we are at approx. $1,000 per month. If you do not have 20% down, you will have a monthly charge PMI (private mortgage insurance) approx .75% of the loan amount divided by 12 months, about $63.00 a month. So you are at $1,063.00 a month. Roughly closing costs are around 3%. You may also need 3% down depending on your loan and credit score. This is not exact but close.
Hope this helps....

Billlie
1 vote Thank Flag Link Thu Jul 31, 2008
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