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 www.bankrate.com/calculators/mortgages/mortgage-calculator.a 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.
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 www.bankrate.com/calculators/mortgages/mortgage-calculator.a 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.
