how much is an average monthly mortgage payment?

If I buy a house that costs $350,000 and I put down $20,000, about how much will my monthly mortgage cost?

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  • Rick B
    Lv 7
    9 years ago
    Best Answer

    Depends on the term and intrerest rate. You are putting down less than 20% (actually less than 10%!) which is a bad idea because you will have little equity in it and you will have to pay PMI every month. If you can;t afford AT LEAST 10% down, then you are likely buying way too much house.

    Use one of the hundreds of online mortgage calculators to figure it out.

    The one I just used calculated at 15 years and 5% came out to 3,021 a month, but that does not include PMI. I used $2,867 annual taxes and $600 annual insurance. Those will vary depending on where you live.

    At 30 years, the payments go to about $2,029.

    In any case, it will run you at least $2,000 a month.

  • Anonymous
    9 years ago

    Your question is a little complicated. Your monthly payment factors in a lot of things. Firstly, what program and rate you get. Do you want a fixed payment- meaning a 30 year loan program? Or one that adjusts- like a 5 or 7 year arm? Do you want the taxes and insurance factored in to your monthly payment? If so, what are the taxes and insurance for the the property you have in mind?

    At today's rates (which are around 5%, though with good credit, a good lender should be able to get you lower), for a 30 year fixed, without calculating in taxes or insurance your monthly payment would be $2,030. Keep in mind, if you put down less than 20% you have to factor in mortgage insurance (a set monthly amount you have to pay until your loan to value is 78% or lower).

    As a mortgage lender, I can honestly say that the best way to get the most accurate "monthly payment amount" is to talk with a loan officer. Every situation is different, and he/she can break everything down to the T. Please let me know if you have any other questions! I'm happy to help!

    Source(s): Mortgage Loan Officer for almost 10 years. Number 2 producing Loan Officer for the company I work for
  • 9 years ago

    At approximately 5% interest on a 30 year mortgage, your Principal and Interest would be $1,778 monthly. However, you also have to add in property taxes, which vary by jurisdiction, homeowners insurance, and since you are putting down less than 20%, Private Mortgage Insurance. These are likely to add about $350 a month to your payment, meaning you would have payments of $2100 a month, more or less. Obviously in jurisdictions with higher tax rates, this will be more, if you can get a lower interest rate, it will be less, etc.

  • 4 years ago

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    RE:

    how much is an average monthly mortgage payment?

    If I buy a house that costs $350,000 and I put down $20,000, about how much will my monthly mortgage cost?

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  • Aline
    Lv 4
    4 years ago

    For the best answers, search on this site https://shorturl.im/avecC

    Your question does not provide enough details - How much down? Type of financing Conventional, FHA, VA? If less then 20% down on conventional you will need mortgage insurance (not the same as home owners insurance) All this will just get you principal and interest payment - you still have to think about taxes, home owners insurance and with a condo - association dues - Sorry unable to help you Kathy

  • Anonymous
    9 years ago

    on average every 100,000 borrowed is around 600 or more a month so i would say right around 1900-2000 a month.

  • susann
    Lv 4
    3 years ago

    Wow! Thankss! exactly what I was searching for. I looked for the answers on other websites but I couldn't find them.

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    4 years ago

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  • Anonymous
    9 years ago

    That all depends on the interest rate

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