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    myyellowcar's Avatar
    myyellowcar Posts: 1, Reputation: 1
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    #1

    Jul 16, 2006, 10:57 PM
    Mortgage payment per month
    I just received 30,000 which I plan to use for a down payment on a house if my credit is average and I plan to spend about 150,000 on a house what am I looking at spending per month on a mortgage payment?
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #2

    Jul 17, 2006, 04:05 AM
    Plug your numbers into this amortization calculator:
    http://ray.met.fsu.edu/~bret/amortize.html. Don't forget to use 120,000 as the principal - and use whatever interest rate you think you can get.

    Of course this calculator assumes a fixed rate... so keep that in mind in case you end up considering a variable rate.
    Krs's Avatar
    Krs Posts: 2,906, Reputation: 320
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    #3

    Jul 17, 2006, 04:33 AM
    I was once a mortgage consultant.

    I can work it out for you but I need interest rate and term of mortgage, meaning how long mortgage is held for.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #4

    Jul 17, 2006, 04:38 AM
    Oops, sorry. I see the one I referred to is not working. Here's another:
    http://realestate.yahoo.com/calculat...rtization.html
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Jul 17, 2006, 06:06 AM
    Remember also that your mortgage payment is only part of the monthly nut. The mortgage lender will probably require that you pay tax and insurance into an escrow account so they can be sure they are paid. These costs will vary depending on location.

    A good place to get a true estimate of your monthly outlay is a realtor. When you go in looking for a home, they can sit down and figure what you can afford.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #6

    Jul 17, 2006, 06:13 AM
    In many counties the annual taxes for properties are online... as with my county here. Do a search for this for your area.

    And as for insurance, your current insurance agent can give you a ballpark on the annual Insurance cost based on what you know about the property.

    These two, divided by 12, will be what to add to your loan payment to ballpark the total P.I.T.I. (Payment, Interest, Taxes & Insurance) payment.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #7

    Jul 17, 2006, 06:26 AM
    The problem in using a site like Rick recommended is you usually need to know the property first. I get the sense that you are trying to figure out what you can afford BEFORE you go house hunting. This is the type of thing you go to a realtor for. This is what they are trained for. It won't cost you anything to sit down with one.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #8

    Jul 17, 2006, 06:46 AM
    Quote Originally Posted by myyellowcar
    what am i looking at spending per month on a mortage payment?
    ... I was just answering the question. An amortization calcular will tell you exactly what your mortgage payment will be.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #9

    Jul 17, 2006, 09:42 AM
    Rick I was referring to the second link, the property tax one. While, its correct that the information can be found, I just felt, at this point, the OP just needs some ballpark estimates (on tax and Insurance).
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