Not logged in? Join one of the largest Insurance Forums on the Internet! Join Now!
Latest blog post: Calculating insurance subsidies for students

Health Insurance Comparison
Affordable Pet Insurance
Travel Insurance Comparison
Travel Insurance Quotes

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

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

I'm looking to make my 1st home purchase a 1 bedroom 1bath condo in CT. Credit is ok high six hundreds.
leandre

Posts: 130
Joined: Tue Sep 18, 2012 8:56 pm

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

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
royall55

Posts: 118
Joined: Tue Sep 18, 2012 7:06 pm

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

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: 122
Joined: Tue Sep 18, 2012 7:45 pm

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

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.
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

Posts: 72
Joined: Mon Feb 11, 2013 3:51 pm

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

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

Posts: 36
Joined: Wed May 22, 2013 3:36 pm

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

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: 154
Joined: Mon Jul 09, 2012 1:49 am