What Will My Payment Be?

Homes are a big investment and people want to know what they will be spending before they make the commitment. So, it comes with no surprise that with nearly every transaction we are asked, “What will my payment be?” To answer depends on these main factors:

1. How much are you financing?

2. How long is the term?

3. What is your interest rate?

4. How much are the property taxes?

5. How much is the insurance?

With all these answers you can go on any of the many sites that offer a free mortgage calculator. Check out ours here. Your lender will also do this for you. If you don’t have a lender yet then just google “mortgage calculator” and your choices will be endless, or connect with us and we can connect you with a few that we have had great successes with.

Here is an example, based on rates being at 6% and a 30 year fixed mortgage. A Conventional loan on a $400,000 home with $80K down would result in a mortgage of $320K =$1919.00 Principal and Interest combined.

Now add on property taxes of $335 and insurance of $100 each month.

So the total expected mortgage per month in this scenario is approx $2354.

Now lets review the same $400,000 home using a VA no money down purchase at 6% and 30 year term.

A $400,000 home with $0 Down means a mortgage of $400K.

Your monthly principal and Interest would be $2398.00. Add in the taxes of $335 and insurance of $100 and your total mortgage payment in this scenario is approx $2833.00.

If you are considering buying and want to discuss the options available to you connect with us.