What Is The Approximate Monthly Cost For This NYC Apartment?
Chase quoted me $877 per month (tax, insurance, interest included) for a 30 year mortgage…with $20,000 down on $300,000 apartment.
Essentially that is $100 per month in extras…is this correct? It seems very low…no? The maintenance fee is $47 per month lock down for first the 10-years (not included in Chase quote). Could you give me a better estimate of the monthly cost? And is a big bank like Chase the best way to go? Thank you…
R1: Thank you, the banker at Chase was doing simple math and told me he just financed his house through Chase. He basically was subtracting $20,000 from $300,000 then dividing the remain $280,000 by 360 months. He then says…so you add about $100 to that. I kid you not. My sh*t hole apartment is 3 times the cost of a brand new river front apartment–couldn’t be. Thank you for your very informative answer.
Well that would be wonderful if that was the real payment, but 877 dollars a month on a loan of $280K is, and please don’t freak out, way too low. In fact, even if it was just the mortgage payment and not including the taxes an insurance, $877 a month would mean an interest rate of well UNDER 1%. This is below the payment for all but the most aggressive negative amortization mortgages, which from what I can gather about your circumstances would be a bad idea due to the fact that your loan balance would increase each month as that $877 couldn’t possibly over the monthly interest due. I’m sorry to say it, but the $877 a month number is just not real, doesn’t exist.
It’s possible that what Chase is offering you is a “3 2 1 Buydown” on an interest only mortgage, however this is very unlikely and would mean dramatic increases in your monthly payment each year until normalizing in the 4th year.
For loans of less than $417,000 for borrowers with good credit, big banks are priced pretty well (and this is coming from the owner of a mortgage company in Manhattan) but try some of the others as well (can’t name names here but you’ll figure it out). Stick to banks in the five boroughs, as the legal structure of most NYC property transactions can make outsiders’ heads spin.
At market rates, your interest only payment on this mortgage should be between $1500 and $1600 a month, not including taxes and insurance. Add your taxes, insurance and maintenance to that an you will see your total monthly payment.
If you ever need to calculate your interest only mortgage payment, say to double check whether or not you’re getting a real rate quote the formula is really simple:
(Loan Amount X Interest Rate) Divided by 12 months
So for your loan, say:
$280,000 X 6.5% = $18,200 Total Interest Annually
$18,200 Divided by 12 months = $1516 a month
Remember, this only works for interest only mortgages.
Good Luck!
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