(Closed) Purchase Price vs Monthly Payment

posted 5 years ago in Home
Post # 3
Member
2622 posts
Sugar bee
  • Wedding: November 1999

REally, the best predictor of this is to take the pre approved interest rate and stick it into a mortgage calculator. 

Then look at your property tax % and figure out your monthly payment.

Because mortgages have different interest rates, terms (IE 30 year fixed etc), possibly PMI (dont pay 20% down) and property tax other peoples payment vs loan will be relatively useless to you.

Post # 4
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

It’s really going to depend on the interest rate of your lona, the property taxes in your area, how much you can put down, etc.  There are good mortgage calculators out there.

But for reference, our mortgage was for a little under $240,000 (after a little over $20K downpayment on a $259,000 house).  Including principle, interest, taxes, and PMI, our mortgage payment is about $1600 a month.

Post # 5
Member
10573 posts
Sugar Beekeeper
  • Wedding: January 2011

Your payment schedule can also affect it too.  The calculators usually have options for monthly, accelerated biweekly, etc.

No house yet, but just for an idea based on a house we saw that we liked (but is too expensive),

$480k would be $870 accelerated biweekly (so more than $1740/month) using a set of conditions we would consider.

Post # 6
Member
4803 posts
Honey bee
  • Wedding: August 2012

It can definitely be based on a number of factors, but here are our numbers for reference:

Purchase price: $285,000

Bi-weekly payment: $850 – includes mortgage payment, strata fees, and property taxes.

Post # 7
Member
10453 posts
Sugar Beekeeper
  • Wedding: February 2014

This also depends on what kind of downpayment you’re making! I second using an online mortgage calculator. 

Post # 8
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

Our home was about $500,000. We pay around $2143 a month. $1600 is principal plus interest, the rest is insurance and taxes.

Post # 9
Member
9955 posts
Buzzing Beekeeper
  • Wedding: December 2012

Answering your Question is difficult….Everyone’s situation is going to be different, and a lot will be determined by WHERE you live etc.

It will also depend on things like…

How much you put down… How much your Real Estate Fees will be … How much your Closing Costs will be (Legal Fees, any balances due to the previous owners for overlap in Taxes, Utilities etc) … How much your Annual Property Taxes will be (and whether you choose to fold them in with your Mortgage / Monthly Payments… or pay them seperately annually)… as well as how you decide to structure your Mortage (Term, Rate, and how often you make a payment… Weekly, Bi-Weekly, Monthly etc)

Lots of variables.

This is precisely WHY

(a) You need a Real Estate Agent to work with you

(b) Get a pre-approved amount for your Mortage (so you know your true limitations, and what your comfort level will be… 33% is the maximum number for debt-ratio on Housing Costs… BUT you may find that once you crunch the numbers you’d want to have a lower number for yourselves)

(c) You need to do some realistic research in your area as to what EXTRAs cost monthly that effect your housing costs (10% for Home Maintenance – what Utilities cost – Which ones you need… Electricity – Heat / Air – INSURANCE etc.  And which ones you can cut-back on or elmininate… Telephone, Tv, Internet etc)

and

(d) In the meantime, in your “just looking” … doing some basic research phase, you can utilize the on-line Mortage Calculators to get a ball-park idea of what might work for you in regards to what you can expect to pay out monthly.

Most Calculators you put in the cost of the house, subtract your downpayment, then the mortage details (percentage rate, and number of years)… and voila it’ll tell you how much you can “expect” to be your BASE NUMBER per month

It is the OTHER STUFF above that will effect what the REAL NUMBER will truly be in the end… and some of that is difficult to estimate until you actually are working with a Real Estate who knows the market in your area

Hope this helps,

 

Post # 10
Member
5883 posts
Bee Keeper
  • Wedding: October 2010

Mortgage $375,000– payment $2260

It’s easy to figure out how much your base payment will be by using online calculators. But that other stuff was so hard to figure out. So some general numbers to help you figure out the rest. (we were looking in the $350,000-$400,000 range).

PMI is about $200-$300/month. (I just found this but it is from 1997, so I don’t know how accurate it is “Down payment of 5%– 0.78%/12 of mortgage amount”)

Insurance is about $150/month (unless you have USAA which is closer to $60-$70).

You can find out the taxes by going to your city/county web site. For instance, our county is $1.07 per $100 of assessed value. (Assess value is different that actual value and usually lower that what you pay) (this is the annual cost so divide by 12)Pay attention to this! Friend bought across the county line and their rate is $1.28. For a a $350,000 house that is over $700/year and $60/month.

Closing costs are about 3% of the cost of the house.

Check out the local Credit Unions, even if you aren’t a Member. Some credit unions will give mortages to non-memebers. Unfortunately I don’t think my CU (Navy Federal) does this, but if you can become a member look into their mortgages– 0% down, no PMI (1.75% funding fee).

Good Luck!

Post # 11
Member
2961 posts
Sugar bee
  • Wedding: May 2014

176 K. $1185 per month, although only $800 actually is for the house, the rest is insurance and taxes. By The Way, I totally HATE being a homeowner, I vastly preferred renting!

Post # 14
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

@KoiKove:  Our PMI is only ~$75 per month.  So that can really vary too.  I think it depends a lot on your credit scores (but I’m not positive about that).

Post # 15
Member
5883 posts
Bee Keeper
  • Wedding: October 2010

@Mrs.KMM:  How much was your house and how much did you put down? Our credit score is awesome, so that wouldn’t be it. I think it was the house cost ($400,000) and low down payment (3%-5%).

Post # 16
Member
808 posts
Busy bee
  • Wedding: February 2013

$218,000

0 down VA loan

payment including taxes & insurance is $1495 a month

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