Is there a way to predict what my mortgage payment would be based on the price of the house? Obviously, there are other factors like taxes, etc. What is the average interest rate % right now in Phoenix, AZ? What other factors do I need to plug in?
I’m surfing the web for homes and want to be able to calculate a general price based on the asking price of the home. Can anyone help?
Just use the mortgage calculator at bankrate.com for exact numbers based on how much you’re going to finance and your interest rate. In rough numbers using an interest of 6% your mortgage will be $6 per month for every $1,000 you borrow on a 30 year mortgage. $5 at 5% interest. Speak to the present homeowner and ask them how much their annual taxes and insurance are. Divide that total by 12 and add it to your mortgage payment.
April 27th, 2010 at 9:50 am
Home mortgage rates will prob run you around 6%, depending on your FICO score.
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April 27th, 2010 at 9:56 am
if you google amortization tables you can find places to calculate your mortgage payments etc.
there should be quite a few, keep looking til you find one that you can work with
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April 27th, 2010 at 10:18 am
u’re going to buy ur 1st house in THIS market????
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April 27th, 2010 at 11:06 am
Just use the mortgage calculator at bankrate.com for exact numbers based on how much you’re going to finance and your interest rate. In rough numbers using an interest of 6% your mortgage will be $6 per month for every $1,000 you borrow on a 30 year mortgage. $5 at 5% interest. Speak to the present homeowner and ask them how much their annual taxes and insurance are. Divide that total by 12 and add it to your mortgage payment.
References :
http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
April 27th, 2010 at 11:31 am
Google "mortgage calculator." There are many such tools on the internet.
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