Pgoenka, Home Buyer in Buffalo, NY

how to calculate monthly mortgage for a 4,50000 condo?

Asked by Pgoenka, Buffalo, NY Sat Apr 19, 2008

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There are many ways to calculate your payments. Try any of these calculators.
0 votes Thank Flag Link Thu Jan 22, 2009
Go to, we have a mortgage calculator. Or contact Debra Bedell at Preferred Empire Mortgage: Tell her Glenn referred you...she's one of the best mortgage brokers in NYC. Your payment will depend on your credit score, down payment, etc...there are too many factors involved and banks are changing their lending practices/requirements daily.
Web Reference:
0 votes Thank Flag Link Fri Aug 15, 2008
you can visit the following website to check mortgage payments
Web Reference:
0 votes Thank Flag Link Sat Apr 19, 2008
When calculating a mortgage for any condo (regardless of price), you need to factor in the following:

[1] Total Mortgage (purchase price - down payment)

[2] You then must apply the mortgage rate to figure out the monthly payment. I would recommend checking out a website like to use their mortgage calculator. If you plan on using a standard mortgage, this should work fine (30-year fixed with 20% down). Otherwise, it becomes more complicated, and you should contact a mortgage professional.

Most people want to figure out their monthly payment, not just their mortgage payment, so you'll need to factor in some more numbers:

[1] Property Tax - most people pay this in their mortgage payment, but you can elect to pay them yourself twice a year, and not have them factored in to your monthly payment.

[2] Common Charges - condos charge monthly maintenance fees for the use and upkeep of common areas and ammenities.

[3] Homeowners Insurance - again, this number is usually paid in the monthly mortgage payment, but it must be factored in.

Overall, the monthly payment is commonly referred to as PITI (Principle, Interest, Tax, Insurance). With condos, the payment would be PITI plus common charges. I hope that this helps.
0 votes Thank Flag Link Sat Apr 19, 2008
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