Question
How much can I pay for a house?
I'm looking for monthly payments of about $800-$900 a month. I'm going to be getting a 30yr. Mortgage, and a down payment at about $5000. I tried those Calculators, and it confused me a lot. I just want a bottom line dollar amount that I can afford. Thank you SO much! 10 Points to the winner :)
6 months ago - 3 answers
Best Answer
Chosen by Asker
As another poster said taxes and insurance are going to be a HUGE variable. If you figure $300 / mo for them leaving you $600 / for the loan payment, you are looking at a loan amount of $105,000 at 5.75% interest (rates have been going up lately). You might want to ask the seller to pay for some of your closing costs as well. This would help you keep your down payment as low as possible. Another thing to remember is that if you are looking at a condo or townhome, you might have a monthly HOA fee as well. Let me know if you have other questions! GOOD LUCK!!!
Source(s)
Licensed FL Mortgage Broker
6 months ago
Asker's Rating: 
Other Answers
If you want taxes and insurance included and what type of loan you are looking at, it would vary. Just a loan amount with those payments and down payment you are looking at around 150000 with a 5.5 interest rate, give or take 10000 or so.
by Tim- 6 months ago
$110,000 to $120,000 range as purchase price. Your mortgage payment will include: 1)interest 2)principal 3)real estate taxes ($125) 4)private mortgage insurance ($50) 5)homeowners insurance ($30)
by David Z- 6 months ago