If I purchase a 112,000 home with 5,000 down payment on a land contract, what can I expect to pay per month?

Asked by Randy, Grand Rapids, MI Thu Oct 29, 2009

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Hannah Flieg…, Agent, Larkspur, CA
Thu Oct 29, 2009
You have to know the interest rate. For example let's say it's 5.5% interest rate, here would be your monthly mortgage payment, approximately.

A 30 year amoritzed loan at 5.5% interest of $107k would give you a monthly payment of $607.53 for your principle and interest. Add another $1k per year for property taxes so about $100.00 per month and then insurance which you can call your insurance provider for a quote. I hope this helps!
Good luck!
1 vote
Suzie Reinbo…, Agent, Grand Rapids, MI
Sat Nov 21, 2009
Randy,
The interest rate for the loan and the length of time it lasts will be 2 more determining factors in your monthly payment. By law the owner can ask up to 11%. To figure an approximate monthly payment of principle and interest on a $112,000 loan in a 30 year mortgage at 11% with $5,000 down -- multiply 107 x $9.52. There are lots of variables to consider. I would suggest contacting a REALTOR (r) for help.
0 votes
Gary L White, Renter, Grand Rapids, MI
Thu Oct 29, 2009
Hi Randy, never wonder about this again. Click the link below put in the type of mortgage, your interest rate and the length of loan and click calculate. Remember to subtract your down payment...or put it into the calculator. This site has 20 mortgage calculators so you have the answer at your fingertips. Hope this helps you review your options.
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