when calculating your toatal mortgae payment you will need to take the amout financed and multiply by approx 5.75. Then take the yearly property taxes, divide by 12. Add in approx 60 a month for home owners ins, anoither 60 month for PMI (mortgae insurance) an dthen add those up. On this particualr home, if you FHA, you should be around 1250 month total morgage payment.
Also, the very first thing you need to do is get pre-approved by a local lender (I have several good ones). Your REALTOR should be able ot reccomend one. Your morgage lender will be able to provide you with a "Good Faith Estimate" which is a very detailed breakdown of the monthly payment, along with a breakdown of required closing costs.
Your payment depends on what kind of loan you qualify for. How much you will put down, how you will handle closing costs your credit score and other factors contribute to your payment. I would be happy to run a few different scenerios for you to show you what your best options are.
The very best of luck to you! have a Happy and Healthy New Year!
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
To answer your question. It all depends of what type of loan you get. FHA is the most popular right now for low down payment. Let's just say assume this situation below.
Home Purchase Price 160,000.00
FHA Down Payment 3% = 4800.00
Loan Amount is about 155200.00 (this could be a low estimate)
Interest is 5.75% (just a guess, in this market could be lower)
You have the loan for 30 years
The Homeowners insurance is 650.00 per year
The property taxes are 2669 per year
You have to pay mortgage Insurance because you are not putting 20% down - about 100.00 per month
This means your approx monthly payment would be about 1284.00
A much easier way for you to find a home is to have a Buyer Agent help you talk to a trusted Mortgage Broker who give you a FREE pre qualification and tell you how much you can purchase a home for that fits the monthly payment that feels comfortable to you and your family. Instead of searching endless hours for a home and finding the home that fits you...then finding out that the monthly payment is too much for your comfort.
I hope this information has helped you. If you would like my help to run numbers that fit your needs better, just contact me...I would be happy to help. I specialize in helping ONLY Buyers in Lehigh and Northampton County areas.