Buyers Rescources
Calculator
Here are some estimates...
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Your interest rate of 8.25 % over 30 years means every dollar you pay each month buys you $ 133.11 of loan You stated Tax and Insurance would total 1.50 % the home value And with $ 0.00 to cover your down payment | |
| House value: | $ 106512 |
| Loan value: | $ 106512 |
| Monthly Principal+Interest: | $ 800.19 |
| Monthly Prop Tax+Insurance: | $ 133.14 |
| Down Payment | 0.00 % |
| Loan To Value (LTV) | 100.00 % |
OOPS! Your down payment is less than 20%! You will have to pay PMI (Private Mortgage Insurance). That's an extra 0.90 % of your loan each year | |
| House value: | $ 98114 |
| Loan value: | $ 98114 |
| Monthly Principal+Interest: | $ 737.10 |
| Monthly Prop Tax+Insurance: | $ 155.35 |
| Monthly PMI: | $ 73.59 |
| Down Payment | 0.00 % |
Hey, your down payment is under 3%Many conservative lenders won't do that except on FHA/VA loans. Look around for a lender willing to accept your lower down payment. You are relatively income rich but cash poor You do not have to worry about your income qualifying you for your loan. What limits your house value is simply your downpayment of $ :
So look for a lender who is willing to give you a high LTV (loan to value). Better yet get more cash for your down payment. Those low or no interest loans from parents, friends and relatives sure come in handy! | |
Don't forget closing costs and points! Additionally, this tool only takes into consideration the maximum house you can afford with your current situation.