Property Q&A in Orlando>Question Details

Paula, Home Buyer in Orlando, FL

if i put 20 k down, how much do i have to pay per month to pay this off in 30 yrs?

Asked by Paula, Orlando, FL Mon Feb 23, 2009

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This question is about this property: http://www.trulia.com/property/1074765160-5316-Bamboo-Ct-455…

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6
Hi Paula, I have a number of useful mortgage and budget calculators on my website at the following link:

http://www.bferryhomes.com/MortgageCalculators

As the other have pointed out, your payment amount will depend on your interest rate (and the interest rate on your loan qualifications). And, you will want to factor the other costs mentioned such as property taxes, insurance and home owners' fees.
Web Reference: http://www.bferryhomes.com
0 votes Thank Flag Link Mon Feb 23, 2009
Hi Paula,

What you may pay is determined by several factors, including your credit score, whether this is your primary residence and type of loan the property will qualify for. Condo's have not faired to well in this market. In addition, I would need to know the monthly condo association fee.

It would not be fair to give you a payment quote without reviewing your income and asset information.

You can find a great mortgage calculator at http://www.fhaoutreach.gov/lender/

This calculator not only gives you an estimated payment, you can use the calculator to try different scenarios.

Otherwise, feel free to contact me for a fast free prequalification.

Good luck,
Jacqueline Clarke
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
0 votes Thank Flag Link Mon Feb 23, 2009
Paula--You need to speak to a lender, your monthly payment is based on your interest rate. Keep in mind you will have monthly association fees, insurance, etc. If you need a lender/mortgage person I have several I could refer you to should you need.
0 votes Thank Flag Link Mon Feb 23, 2009
The principal and interest payment would be approximately $298.09 based on a 30 year 5.5% fixed rate loan APR 5.625.
0 votes Thank Flag Link Mon Feb 23, 2009
If you pay full asking price, put 20,000 down, and your interest rate is 5.25% your mortgage payment per month will be ~290/mo. This does not include property taxes, insurance, or HOA dues that may apply to the property.

To find out exactly what your interest rate may be on the property you will have to speak to a loan officer, I have several I can recommend.

To determine what your overall payment will be refer to your agent as they will be the person to walk you through the entire process and help you get all the info you need about the property itself.
0 votes Thank Flag Link Mon Feb 23, 2009
With mortgage,taxes & insurance your monthly note would be roughly $393.31
0 votes Thank Flag Link Mon Feb 23, 2009
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