Estimate on a monthly mortgage payment in florida?
I am planning to purchase a home in Orlando FL with a credit score between 770-800 and a $70k down payment on a $200,000 home? What is a fair estimate on how much my monthly would be?
- Coffee DrinkerLv 71 month agoFavorite Answer
You need to talk to a mortgage broker to get an accurate figure.
As a rough estimate I used an online calculator and put in numbers for a $140,000 loan, 30 years fixed rate at 3.5%. I did $140k because you'll have closing costs so only about $60k of your money would actually go toward the purchase price.
Also you can probably do better than 3.5% right now but I figured that's a safe estimate, I'd rather give you a number too high than too low.
With these figures the monthly payment for the loan (principle and interest) would be just under $630.
You will have to maintain an escrow account for taxes and insurance, so figure roughly $100 per month for insurance and 1/12th of the annual property tax would be tacked on to the loan payment.
So if property tax is $3600/ year that means $300/ month, so your total payment in this case would be around $1030.
Look up the property tax for specific properties you're interested in, and get estimates from insurance agents for a better figure.
- SlickterpLv 71 month ago
Look up a mortgage calculator. interest rate, property taxes, and insurance need to be figured.
- Anonymous1 month ago
There are many mortgage calculators on the Internet. Assuming you are looking at a 30 year mortgage and say a 3.5% interest rate, a $130,000 mortgage would cost about $600 a month. Taxes and insurance would be extra.