Whats a good down payment for a house?
I live in ohio what's a good down payment for a house that is 100 thousand dollars. I need my payments to only be about 500 a month
- godgedLv 79 years agoBest Answer
If you need your payments to be 500 a month, you need to bring about $50,000 in down payment.Source(s): Oregon Realtor
- 9 years ago
You need to down payment 7000, and borrowing 93k at 5% interest rate doing 30 years loan to be able to get payment of 500 a month. THIS IS ONLY THE MORTGAGE ITSELF NOT including tax, utility, insurance, so on and forth. The loan is 93k, the 7k is down payment. NOT including some closing cost fee. GOOD LUCKSource(s): the figure using my own mortgage calculator (yes it's correctly working). In the process of buying a house.
- spalmerLv 79 years ago
If you borrow between 65k-70k you will pretty much guarantee your monthly payment to be $500 or under. Since you would be putting more than 20% down on a 100k home, then you will not have to worry about paying pmi (which would raise your monthly payment around $50). I would recommend putting at least 30k down on this home.
- linkus86Lv 79 years ago
Assuming you have good credit, about $25,000 plus closing costs should get you a monthly payment of about $500 (principal, taxes, interest and insurance). But the best down payment would be $100,000.
If you are really serious about buying, you should sit down with a local mortgage lender and discuss your options. It doesn't cost anything to do this.
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- Genuine GuidanceLv 79 years ago
At least 20% down to avoid PMI.