# If i put 10% down on a house listed at 137000, roughly how much would my mortgage be? Credit middle of the road..

Asked by Sarah Riordan, Fort Worth, TX Mon Sep 3, 2012

Been w job 12 yrs. Income over 100k a year. Little to no debt (less than \$800) . Cred score around 630.

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John Lyng, , Dallas, TX
Mon Sep 3, 2012
With that score you should probably stick to an FHA loan since you'll probably get a better rate than on a conventional. You may want to consider keeping your cash as well and just do the minimum 3.5% down.

You may want to check out http://www.naca.com. Friday's rate was 3.375% with no down payment required. Your payment without taxes or insurance would be \$605. You could use the cash to buy the rate down to 1.675%, payment would be about \$484.

John Lyng
Mortgage Counselor-280951
JLyng@naca.com
1 vote
Carmen Di Bi…, Agent, Nyack, NY
Mon Sep 3, 2012
Hi Sarah,

Here is a link to an online calculator with multiple functions. I've always found it helpful for "what if" situations.

http://www.mortgageloan.com/calculator/
1 vote
Tim Moore, Agent, Kitty Hawk, NC
Mon Sep 3, 2012
We need to know:

the term - 30 year loan or 15 year

the interest rate, anywhere from 4.5-6%

From this we could tell you the monthly mortgage amount for the loan only (PI). Most mortgage payments also include the TI which is the taxes and insurance divided by 12 so that each months payment includes the PITI or principal, interest, taxes and insurance.
1 vote
I am assuming a 30yr loan? Wondering (roughly) what my monthly payment would be.. looking for between 950-1300 a month, and just wanted to make sure I am looking in the right price range. Thanks!
Flag Mon Sep 3, 2012
Bruce Lynn, Agent, Coppell, TX
Tue Sep 4, 2012
So your mortgage would be about \$125,000. Ballpark interest rate is 4%. Somewhere around \$900/month.

Check out http://www.mortgagecalculator.org/

Very very ballpark....we need to get you with a mortgage lender to checkout your qualifications, debt to income, etc.

We need to do something to build your credit score....with no debt and great income, maybe you are not using your cards at all and you may need to make some small purchases and pay them off every month to get your score up.

http://www.metroplexhomesalesinfo.com/listings/areas/31087,40099…
Nathan Beckey, , Fort Worth, TX
Tue Sep 4, 2012
Credit at 630 is the bare bones score to get a loan. Taxes, insurance and principal figure the value of the loan times .009. This will be very close to your monthly payment

Sincerely,

Nathan Beckey, Fort Worth Area Realtor.

(m) 817.691.3602
John Straub, Agent, Fort Worth, TX
Mon Sep 3, 2012
Good evening Sarah.
My name is John Straub and I am with Keller Williams Realty. Great question. A lot will depend on taxes, interest rate etc, but very roughly based on what you are saying all together I would guess approximately \$1,000- \$1,150 including principal, interest, taxes, & insurance. Based on the scenario you gave above I am going to assume an FHA loan. Since you are required to have an escrow account you need to look at the whole payment not just pricipal and interest. I do not know if you have zeroed in on a specific home yet, but as I said the area will make a big difference! Please call me tomorrow morning and let's get working to help you get complete answers.

John Straub
Keller Williams Realty
817-729-4281
john@dfwfamilyrealty.com

http://www.dfwfamilyrealty.com
John Lyng, , Dallas, TX
Mon Sep 3, 2012
With that score you should probably stick to an FHA loan since you'll probably get a better rate than on a conventional. You may want to consider keeping your cash as well and just do the minimum 3.5% down.

You may want to check out http://www.naca.com. Friday's rate was 3.375% with no down payment required.
Sarah Riordan, , Fort Worth, TX
Mon Sep 3, 2012
Ive read that avg interest rate right now in my area is 6.5%. Im wondering what my monthly payments would be.. just a ballpark would be great. Im trying to get it somewhere between 950-1300, so just wanna make sure Im in my price range. Im assuming this would be for a 30 yr..
Justin Henry, Agent, LITTLE ELM, TX
Mon Sep 3, 2012
Hi Sarah

You could count on your total mortgage amount being close to \$124k. With PMI insurance your payments will be a little higher than if you put down 20%.