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Calculating mortgage payment

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no...if only it was that simple..ur payment is dependant upon your interest rate,length of payment time, your local taxes and any insurances...

My payment is about .82%.

Taxes are high, interest rate is low and insurance is relatively low with a relatively high deductible.

I would say estimating 1% will get you in the ballpark.

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Is it true that payment will be 1% of final sale price? for example: 146,000 will result in payment of $1460.

My husband is bugging.

Just google "Mortgage calculator" and you'll have multiple sites to plug in #s for.

You'll have to plug in the sales amount and an estimated interest rate. Then that will be the raw payment amount. Don't forget to add in taxes and insurance, and if you have to pay it, add PMI amount.

Just a sidenote, last week was a brutal bond market. The yields JUMPED to four year highs and are moving higher again this morning. Interest rates are starting to move. When you estimate your interest rate, be realistic.

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Thanks for the input. Our scores are moving, so I think we need to wait another year before we try to purchase.

When I started credit repair, my scores were in the high 400s with one score slightly over 500. Now they are 477 (due to reinvestigations), 557 and 588.

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I'd recommend shooting for a 620 mid score to buy.

Also take a look at naca (www.naca.com). Not score driven and great rates. Some catches, but I recommend going to at least one seminar.

(Full disclosure - I went to 1 seminar, my house was over their max price limit and I did not go with naca)

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