Many of you ask me how much monthly $$$ will I have to pay per $100,000 loan. There is no one answer because it depends on your Fico score , your income and your down payment. In general, you’ll have to pay $608-$680 for every $100,000. To be safe, just think, I will pay about $630 for every $100,000 loan. To make is simple if you buy a house for $1,000,000 and put 20% down payment, your loan $800,000 will cost you $630X8=$5,040 mortgage payment.

You have to take into consideration Taxes (about 1.25% yearly on the assessed price) and insurance, maybe $80-100 a month and minus tax break from Uncle Sam about 30% from the interest part of the payment which for the first 10 years of the loan could be $5040-30%=$3528+1141(taxes and insurance)=$4669 monthly payment (including taxes and insurance).

These are not precise numbers; these are only estimates to give you a sense of the expense.

Tags: buy a house, down payment, Fico score, income, insurance, interest, loan, mortgage payment, payment, taxes

This entry was posted on Monday, October 13th, 2008 at 6:27 am and is filed under down payment, loans, mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.