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America, Home Buyer in Holland, MI

as a first time buyer how can I cal. how much I would pay per month.?

Asked by America, Holland, MI Sun Feb 1, 2009

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If you're just kicking around the idea, then almost any bank's website has mortgage calculators on it. If you're seriously considering buying then you need to speak with a local,reputable lender because the mortgage calculators will get you only so far. A lender can look at your credit and determine how much of a payment you qualify for based on your credit score,debts, assets and income. From there they can translate that monthly payment into a price range you should/could be looking in. They can also probably refer you to a local realtor if you wish

The mortgage calculators can only get you so far. They typically don't estimate taxes or insurance properly, and because it's just a generic program it has no idea what rates or down payments you qualify for.

Good luck
0 votes Thank Flag Link Mon Feb 2, 2009
I have a mortgage calculator on my website that could also help you where you can type in your specific calculations.

Best Regards,
Brandi Doming Real Estate
0 votes Thank Flag Link Sun Feb 1, 2009
If you go to the Keller Williams Realty site, there are several caculators there...........
0 votes Thank Flag Link Sun Feb 1, 2009
A good rule of thumb to guestimate your monthly payment is about 1% of the price of the home. You need to realize the "total" of what you are required to pay every month is called the PITI payment which is your payment, interest, taxes, and insurance. If you put 20% down on a conventional loan, then you will avoid having to pay the mortgage insurance which will bring your total monthly payment down. Of course your payment will vary depending on how low the interest rate you get as well and how high the tax rate is in the area of where you want to purchase the property. Giving normal circumstances and if you are not putting at least 20% down payment on a conventional loan and you have a decent interest rate, your total monthly payment should be about 1% or less. If your taxes are not in an escrow account (in other words you pay your yearly taxes in one lump sum as opposed to being broken down into 12 monthly payments) then your monthly payment would of course be less as well because your taxes wouldn't be included. Just to be on the safe side when house hunting, I tell my buyers to plan around 1% just so their covered. For example, if the house costs $200k, guestimate give or take $2000 a month if you will be paying all the PITI every month. Good luck!
0 votes Thank Flag Link Sun Feb 1, 2009
Send me an email and I'll give you a spreadhsheet that will let you adjust interest rate, lenght of loan, add in taxes, insurance and any association fees to give you monthly payments easily.

Lisa Bender
Keller Williams
0 votes Thank Flag Link Sun Feb 1, 2009
Please consult with a lender to advise you were you should be based on your income and debt ratio. You may use a calculator on many websites including mine to give you a basic non -concrete idea. However with the new lending requirements your expectations as far as affordability can be known in advance. Good luck in the purchase of your first home.
0 votes Thank Flag Link Sun Feb 1, 2009
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