Help! Calculating mortgage payments!

Discussion in 'Random Ramblings' started by EweSheep, Jan 20, 2010.

  1. EweSheep

    EweSheep Flock Mistress

    Jan 12, 2007
    Land of Lincoln
    I am trying to figure out the mortage payments on a nice house out in the country. Anyone can help me?

    House listed at 59,900.00

    Offer of two different prices: one would be $52,000 and the other one would be $55,000

    30 year fixed loan

    Our bank is offering 3.75 percent (it didnt say annual or the whole 30 years, I am just guessing but that is the quote of a 30 year loan)

    filing fees are 130.00
    insurance is roughly$100? a month (it includes with mortgage payments)
    Taxes would be around $1200.00 a year (also includes with mortg. pay)

    How much is our down payment of 3%?

    HOw much is our mortgage payments would be in the 30 year fixed rate loan?

    Need a rough figure of both offers on the prices.

    Any figureheads in here can help?
  2. DuckLady

    DuckLady ~~~Administrator~~~BYC Store Support Staff Member

    Jan 11, 2007
    NE Washington State
  3. lockedhearts

    lockedhearts It's All About Chicken Math

    Apr 29, 2007
    I am not a math whiz by any means, but some banks have loan calculators, even mortgage. You might try the bigger banks (Bank Of America, Chase etc)

    Hope that helps
  4. EweSheep

    EweSheep Flock Mistress

    Jan 12, 2007
    Land of Lincoln
    Hey thanks Terri! Helps to get a rough figure! Not too bad of payment and smaller house to boot!

    Thanks folks!

    I kind of ignore the PMI and the interest rate per monthbecause I had NO idea, nor I am a figurehead LOL!
  5. Crazyland

    Crazyland Chillin' With My Peeps

    Aug 14, 2009
    Sandhills NC
    55,000 would be cheap! That is all I can figure out without the calculators. lol
    With all the extras, we pay 900 a month for a 150,000 house.
    And 3.75 is awesome if it is fixed! Do not get an ARM loan.

    Best of luck! Any pictures?
  6. WingingIt

    WingingIt Chillin' With My Peeps

    Apr 16, 2009
    I'm a bit of a geek and have a calculator that does mortgage payments, so let me see if I can help.

    For the $55,000 offer, if you put 3% down that would be $1650 that you'd put down. That would leave you owing $53,350 for the mortgage. With a 30 year loan at 3.75%, your principal and interest payments would be $247.10 per month. Then you add on insurance and taxes - you said $100/month for each of those - so total payment of $447.10.

    Same computations for the $52,000 offer:
    $1560 down payment
    $50,440 loan amount
    Principal and interest payment would be: $233.63
    Plus the $200 for taxes and insurance for a total payment of $433.63

    Just for grins, if you paid full price of $59,900 - down payment would be $1797, leaving loan amount of $58,103. Principal and interest would be $269.11 plus the $200 for taxes/interest would be total payment of $469.11

    Now, that's assuming you are doing a loan where you are not required to have PMI. PMI is mortgage insurance that some companies (often) require if you put less than 20% down and it's added on to your loan as part of your payment. Once you reach 20% equity, though, either by paying it off or the home's value rising, you can have them drop the PMI. This also assumes you aren't rolling any of your closing costs into your loan. If you are, it would go up, of course.

    Hope that helps.
  7. sfw2

    sfw2 Global Menace

    Unless you're getting a special program, you would have to pay mortgage insurance as part of your monthly payment if you're only putting 3% down. That will probably run you another $45 to $50 a month.

    I work in the mortgage biz, so feel free to PM me with questions.

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