Mortgage payment $$$?
I am just looking and I found a condo in Gilbert, AZ for $165,000 that I am interested in.
I was just wondering what the average mortgage payment for a property of that amount is. I do not have $$$ for a substantial down payment but I am a first time buyer and I know they do get some breaks.
I tried the online calculators but I don’t know what the taxes and interest rates are so I couldn’t fill it out…please don’t just direct me back to one of those sites.
Does anyone know what kind of mortgage payment I’d be looking at???
Am I correct that first time buyers get a percentage of the price towards a down payment? If so, that amount would be my down payment (x% of 165000 = down payment).
I have good credit. I do not know the interest rate…that is why I was asking!! (jeeze!!!!!!!!) I guess a 30 year mortgage. I don’t really know that much about fixed and adjustable, I think fixed sounds better in the long run. I know I don’t want “balloon”!
You have to know the interest rate in order to figure out what the mortgage payments will be! You also have to decide what kind of mortgage you want (fixed? adjustable?),how long you want the mortgage to be (15 yrs? 20? 30?), and whether or not you’re going to pay any points at closing.
We can’t give you numbers that are even remotely close to accurate without you making up your mind about these things.
For example, say you borrow $150,000. A 30-year 3/1 fixed/adjustable mortgage at 5.875 percent with no points would have a monthly payment of $888 (that’s just principal and interest; that’s not including taxes). A 20-year fixed mortgage at 6.5 percent with no points would have monthly P&I of $1,119. A 30-year fixed mortgage at 6.125 percent with two points would be $912. A 30-year adjustable (1-yr ARM) at 5.625 percent with one point would be $864 a month — at least for the first year, and then it would be more after that. Taxes could add anywhere from $50 to $500 a month, depending on property values where you live.
So, you see, you have to come up with more definite numbers for some of your variables. Unless you’re content with the only answer we can provide right now, which would be something like “Well, your total payment could be anywhere from $500 to $1500 per month.”
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