What Will Be The Mortgage On A 100,000 Home?


2 Answers

lesley louis Profile
lesley louis answered
There is no exact answer to this question because it will depend on the financing rate that you get, as well as if you are applying for a 30 year or 40 year mortgage, as well as what you are putting down on the home.  All of these are variable and depend upon how quickly you want to pay off your home and what the situation is with your credit.

Let’s assume you’ll put 15% down, because that is what most mortgage companies expect.  So you’ll then be financing an $85,000 home.

Now let’s calculate it on a 30-year mortgage, which means that you will make the same payment every month for the next 30 years.  At the end of the 30 years, you will own the home out right.

Finally, we’ll use the national average on interest rates, which is 6.50%.

Your mortgage payment would end up being $537.26.

If there are any changes to the variables, it could dramatically increase or decrease your mortgage.  The better your credit, the better your interest rate will be.  You may also be able to qualify for down payment assistance or even a VA loan if you served or currently serve in the military.

You can calculate your own mortgage by going here or to a variety of mortgage calculators on the internet.

If you want to know exact numbers on a specific house, you can call a mortgage broker and they will be able to calculate the numbers for you as well, based on the outlines as given above.
jay jerome Profile
jay jerome answered
That depends on your APR, and the type of mortgage you have.
It also depends on how many years you are financing.

If it is has a fixed APR for 30 years your payments will be the following with corresponding APR's.

5.0   % .   ..$536.82
6.5%.... $632.07
7.0%  ...$665.30

These payments are rounded to the nearest cent. Therefore your last payment may differ.
Taxes may vary from state to state, so no taxes are included.

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