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what would my montly payment be...

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if i got approved for a $100,000 home loan at 7.5% interest in austin texas? i have no idea how to figure all the totals together. i've looked up rates and taxes and all that but still am boggled by all the numbers. What could i reasonably expect to pay per month on the PITI?

Thanks in advance.

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if i got approved for a $100,000 home loan at 7.5% interest in austin texas? i have no idea how to figure all the totals together. i've looked up rates and taxes and all that but still am boggled by all the numbers. What could i reasonably expect to pay per month on the PITI?

Thanks in advance.

If you goggle mortgage calculator you will find plenty of information to help you and you can plan with. Here's what I found...

http://www.mortgagecalculator.org/ <---- I liked this one the best.

http://www.mortgage-calc.com/

http://www.bankrate.com/brm/mortgage-calculator.asp

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if i got approved for a $100,000 home loan at 7.5% interest in austin texas? i have no idea how to figure all the totals together. i've looked up rates and taxes and all that but still am boggled by all the numbers. What could i reasonably expect to pay per month on the PITI?

Thanks in advance.

According to the Multiple Listing Service (MLS) your payment for only the mortgage would be $699.21/month, $421.44 for interest every month. Im not sure about taxes in Texas :(

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so i'd pay approximately $699?

or $699 +$421?

or is the $421 included in the $699?

So confused. Sorry so many questions.

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so i'd pay approximately $699?

or $699 +$421?

or is the $421 included in the $699?

So confused. Sorry so many questions.

Your payment will be only $699/month. That only includes principal + interest. It does not include PMI (mortgage insurance if you get a loan for 100% house value), taxes nor any hoa fees.

$421 would be if you get an "interest only" loan, meaning you never pay down your principal.

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Is this an existing house or a new construction?

If it is a new house, your taxes are going to be grossly underestimated because the first year will be based on an unimproved lot. The following year your taxes will be based on an improved lot.

However, you will have to bend over because your escrow will be in the red since the mortgage company didn't properly plan for it. Not only will you have to make up what is in the negative, you will have to pay out through the nose to produce a kind of reserve balance that has to be in escrow.

In my current house (in San Antonio Texas), my payment went up an extra 1k a month. I cut a deal to spread that out over three years so I only got a hike of 500 extra a month.

So is it an existing house or a new house?

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it's an existing house in a neighborhood that's been around for about 5 years. i've decided to hold off on the home buying process until my credit has improved further. i'll post back next year when my situation is improved. thanks for all the advice.

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it's an existing house in a neighborhood that's been around for about 5 years. i've decided to hold off on the home buying process until my credit has improved further. i'll post back next year when my situation is improved. thanks for all the advice.

I think that's a good idea. Get your FICO high as possible so you can get the best interest rate. If you are renting now at say $400/month and you expect your house note to be $700/month, then start putting $300/month in a separate bank account on the first of each month. By this time next year you will have $3600 to put towards closing costs, etc.

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