What is the payment on a $175,000 mortgage?


I want to put the minimum amount down payment as I can ( BOA said 00). The house appraised at 5,000, and the owner will let it go for 5,000.

I live in Sacramento, not sure of any taxes (I estimate property tax at 00?) I want to know:

5,000 borrowed
+PMI
+property tax
+any other fee I don’t know about
____________________________
= ? Monthly payment <——————————–ball park estimate + or – 0

This is my first house and I’m not sure what is included in a mortgage (mortgage calculators are useless if you don’t know how to use them). I just want to know within 0 what the mortgage payment will be (30 years).

Please leave a $$$$$ and any advise what to watch out for would be helpful

Thanks
P.s. I have excellent credit

5 Responses to What is the payment on a $175,000 mortgage?

  1. Charles
    September 13, 2011 at 1:48 am

    Gustavo is correct.

    Your monthly payments including principal, interest, taxes, insurance, and private mortgage insurance will be between $1,400 and $1,500 per month.

  2. Gustavo
    September 13, 2011 at 1:48 am

    Between 1400 to 1500

  3. (A+)
    September 13, 2011 at 1:48 am

    Contact a lender and they will get a HUD1 report of all transaction expenses.The sale should be done through a escrow title company so you will know their will be no liens against the property when escrow closes.Have your realtor pull a tax report and calculate your taxes based on the purchase price X tax rate.If this is a short sale ,be ready to waite about 9 months for it to close if BOA will ok the sale.Usually BOA will not approve the sale at $50,000.00 under appraised value.Best of luck to you.

  4. Lolly
    September 13, 2011 at 1:48 am

    Just use a calculator. http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

  5. Linda R
    September 13, 2011 at 1:48 am

    It all depends on the interest rate, property tax amount and insurance amount.

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