Home Buying in Woodrow>Question Details

Melissa, Home Buyer in Woodrow, Staten Island...

how much will my mortage be with a $300,000 townhome in bullshead with$20,000 downpayment?

Asked by Melissa, Woodrow, Staten Island, NY Sat Jan 16, 2010

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Melissa, based on the loan amount provided, as Debbie stated, you would have to pay monthly mortgage insurance.

Depending on the type of loan you go with, the MI can range from $120-$190 based on your loan amount.

Feel free to contact me if you have more questions or if you'd like to discuss your situation fully. As Irena said, there are alot of factors that would affect your payment.

Good luck!
0 votes Thank Flag Link Sun Jan 17, 2010
Hi Melissa............Just to give you an overview.............Assuming a mortgage rate in the range of 5.25% for a 30 yr fixed rate - the monthly payment for interest and principal on a mortgage of $280,000 (300,000 minus your 20,000 downpayment) would be around $1546..........you will need to add in the property taxes as well as insurance ...if you're putting down less than 20%, you may also be paying PMI as an additional cost..

Naturally, you should speak to a mortgage representative to clarify all the numbers, and for a pre-approval.
Hope this helped!

Best wishes
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Sun Jan 17, 2010
Hello Melissa,
This is a very important question. Every buyer should get themselves pre-qualified before looking at any homes to avoid finding a home they can not afford or qualify to buy.
You should consult with a mortgage broker or a bank for accurate numbers. There are also other factors need to be consider in order to estimate the monthly payment such as: credit score, interest rate, employment, other debt and income to debt ration. I would also need to know if you have additional funds to pay for closing costs or will you be looking to include them in to your loan, what the property tax figure is and Insurance.
0 votes Thank Flag Link Sat Jan 16, 2010
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