If you are considering purchasing a home, your 1st step is to get approved for financing. Then you will know what you need and how much you qualify for, also on bank owned properties you will have to submit a loan approval with your offer, otherwise your offer may not be considered. Should something good come on the market you need to act quick and be prepared. As for estimated payment, alot depends on your downpayment and interest rate you qualify for, if less than 20% down then you will most likely incur the cost of PMI (private mortgage insurance). There is a mortgage calculator on my website, you can throw in some figures to give you a idea of payments. Let me know if you have anymore questions or need additioanl info.