Calculate the Monthly Payment buying a House in VA?
I am thinking of buying a house in Loudoun county in VA.
the house is priced 500,000 at the current market.
I am planning to down 50,000 as the down payment and was wondering what will be my monthly payment for the house including the mortgage, insurance and property tax.
I am very newbie to this and since every realtor or financial firm will try to prove their point.
I am trying to get the overall or a clear draft idea about these payments so that i can be sure of deciding a good one.
i know there are lot of factors but if anyone can give me with the usual means that is in the market scenario that would be a great help.....
- Fester FrumpLv 77 years agoFavorite Answer
the listing information for the house should include what the taxes are and may include what the annual insurance is? If the taxes aren't on the listing sheet you can go to the town clerk and ask. Tax bill should be public information.
For the insurance, call an insurance agent and ask for an estimate.
For the $450K you would borrow there are numerous mortgage/loan calculators on line.
From there - take the annual insurance bill + tax bill and divide by 12. Add 1/12th to the principle and interest payment. You may also have to pay PMI (private mortgage insurance), which would be an additional fee. I don't know how to calculate PMI, sorry. If you have to pay PMI or not will be a function of your mortgage company.
- hunkeLv 43 years ago
Huh? You're making $36,000 a 12 months, pay out $17,000, have a $25,000 auto laon and you wish to have to buy a condominium? You're kidding correct? You guys are in HEAVY debt. Why would two scholars residing with dad and mom have two financed cars?!?!?! You guys ought to get absolutely out of debt, bring together an emergency fund of 3 to six month's costs. Both get CAREERS, not jobs, and shop up a 10 to 20% down payment, PLUS about 6% for closing charges. You guys are far from uying a condominium. If you do try it, you are going to be bankrupt or foreclosed in no time.
- Silly GooseLv 77 years ago
Go to a bank and get pre-approved for a mortgage.
Do not waste a realtors time.
Warning: A bank will give you the maximum.
Know that this can be a recipe for disaster.
It may not let you save for retirement, vacations, etc.
A bank will push the maximum. For maximum profit.
Ever heard don't trust banks?
Also check your credit reports https://www.annualcreditreport.com/cra/index.jsp
- David14Lv 77 years ago
There are dozens of loan calculators online. Google one.