Is it possible to have a monthly payment including the mortgage, insurance and taxes to be under $550??

Asked by Mariel, 76135 Mon Aug 9, 2010

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Jackie Rankin, Agent, Fort Worth, TX
Mon Aug 9, 2010
Sure. It is all going to depend on what your down payment and purchase price is. You won't be able to afford much with this total payment amount, but maybe you don't want anything expensive. So the answer to your question is yes. The problem you could run into is more likely finding a home in the price range that you want to spend, that doesn't need a lot of work and is insurable. Good luck!!

Jackie Rankin
Tru Value Realty
1 vote
Dallas Texas, Agent, Dallas, TN
Mon Aug 9, 2010
Yes it can be based on mortgage broker and the amount to place as down payment and purchase price.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Melinda J. R…, Agent, Grand Rapids, MI
Tue Aug 24, 2010
Yes, it is possible. I have sold quite a few houses over the past couple of years where buyers have had this type of mortgage payment. However, I am not sure what pricing in your area is compared to the area that I serve. I suggest speaking with a buyers agent and a loan officer.

I hope this information helps! Best Wishes!
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T.E. & Naima…, Agent, Dallas, TX
Tue Aug 24, 2010
As a rule of thumb, not a promise, using today's rates you would expect $550 to be the monthly payment on a property valued at about $70k.

Down payment would affect this, as well as premiums for poor credit.
Also some taxing districts and insurance rating territories are higher than others. So, it is only a rough guide that you could buy a $70k property for about $550/mo including taxes and insurance.

Remember the monthly payments does not include utilities or HOA. These would be on top of the monthly mortgage payment.
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Bruce Lynn, Agent, Coppell, TX
Mon Aug 9, 2010
Yes...just depends on the size of your loan. You can have the loan officer back into the number for you. I am guessing a mortgage of around $70,000 would yield this payment. This is purely an estimate. Your loan officer should be able to give you specifics.
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