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What is the average monthly mortgage payment on a $65,000 condo?

Home & Contents Insurance Discussion

What is the average monthly mortgage payment on a $65,000 condo?

Postby leandre » Mon Jul 22, 2013 5:24 pm

I'm looking to make my 1st home purchase a 1 bedroom 1bath condo in CT. Credit is ok high six hundreds.
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What is the average monthly mortgage payment on a $65,000 condo?

Postby royall55 » Mon Jul 22, 2013 5:29 pm

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
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What is the average monthly mortgage payment on a $65,000 condo?

Postby birkey » Mon Jul 22, 2013 5:32 pm

Your payment will depend on how long the mortgage is for. $65,000 you might do in say 15 years. Assume you can get a low rate of 3.5%

Use this calculator
http://www.calculatorsoup.com/calculators/financial/mortgage-calculator.php
Mortgage Amount: $65,000
Mortgage Term: 15 years
Interest Rate: 3.5%

Payment calculates out at $465/month.

Play with the number of years to get to a number you like. You'll need to find the current mortgage rate from your bank.

Another way to calculate this problem is starting with the amount you can pay and calculating "How much House Can I Afford?"
See
http://www.calculatorsoup.com/calculators/financial/how-much-house-can-i-afford.php

This calculator also accounts for taxes and insurance.
birkey
 
Posts: 149
Joined: Tue Sep 18, 2012 7:45 pm

What is the average monthly mortgage payment on a $65,000 condo?

Postby caledvwich82 » Mon Jul 22, 2013 5:38 pm

Your payment will depend on how long the mortgage is for. $65,000 you might do in say 15 years. Assume you can get a low rate of 3.5%

Use this calculator
http://www.calculatorsoup.com/calculators/financial/mortgage-calculator.php
Mortgage Amount: $65,000
Mortgage Term: 15 years
Interest Rate: 3.5%

Payment calculates out at $465/month.

Play with the number of years to get to a number you like. You'll need to find the current mortgage rate from your bank.

Another way to calculate this problem is starting with the amount you can pay and calculating "How much House Can I Afford?"
See
http://www.calculatorsoup.com/calculators/financial/how-much-house-can-i-afford.php

This calculator also accounts for taxes and insurance.
google any mortgage calcultor for
info.
u will need to find a mortgage place
that would make a loan for that price.

how much depends on - down payment,
interest rates, PMI, length of time, insurance
payments, Condo fees, taxes etc.
caledvwich82
 
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What is the average monthly mortgage payment on a $65,000 condo?

Postby hezron67 » Mon Jul 22, 2013 5:48 pm

depends on your loan rate, how much you put down, any points you buy, a lot of stuff. I had a condo once, paid 69,000, my monthly with high taxes was around $250 a month at 6.6% but I put 30,000 down on it. oh yeah and it was a 7/23 balloon mortgage. too many variables to answer yours.
hezron67
 
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What is the average monthly mortgage payment on a $65,000 condo?

Postby findley » Mon Jul 22, 2013 5:58 pm

Monthly mortgage at 4.5% would be 330.00. You would need to add the condo fees, taxes, and insurance to get your full amount.
findley
 
Posts: 177
Joined: Mon Jul 09, 2012 1:49 am


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