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Hi Everyone,

I'm a about to buy a townhouse and was woundering and i know this is foward but what the hell. What are peoples mortgage payment including taxes?

Thanks,
Nick

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Nick,

Welcome to the forum.

It depends upon so many things like the net amount you take as mortgage, interest rate, duration of the mortgage etc. Whenever you shop for lender, if you ask him he will give you the full detail of it.

best of luck.

adonis · Posted: Thu Jan 31, 2008 10:21 pm Post subject:

Nick, are you asking about the People's Mortgage company? They seem to be a HUD approved lender. regarding the payment, you'll have to talk to the loan officer there and find out what rates and monthly payment he would require you to pay.

gmakerley · Posted: Fri Feb 01, 2008 8:34 am Post subject:

good trick question, nick.

however, in the event it was a real question, please fill everyone in on the details of what you propose to do. things such as the purchase price, the amount of money you would be offering as down payment, taxes on the property, association fee (if any); are all items that come into play when calculating a payment amount.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

You can do an escrow account along with your mortgage, they will pay your taxes and insurance for you and you will not have to worry about it.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

quote:

1Step OneCalculate the monthly interest/principal payment based on the amount of the mortgage, the term of the mortgage (how many years the loan is for) and the interest rate. A number of websites offer free mortgage calculators; simply plug in these components to get this number.
2Step TwoDetermine how much the annual property taxes are on the home, and divide this number by the number of mortgage payments: 12 if it is a monthly mortgage, 26 if it is biweekly.
3Step ThreeDetermine how much your homeowner's insurance will cost annually and divide by the number of mortgage payments (as you did above).
4Step FourFigure in private mortgage insurance (PMI) if you are required to pay it.
5Step FiveAdd these items - the calculated monthly interest/principal payment, insurance, taxes and PMI - together to determine your actual mortgage payment.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

We took out a mortgage 11 years ago on 60,000 when we bought our farm .i think it was 20 year mortgage not sure right now. But our payment goes up and down with the interest rate .Right now it is nearly 500 because when the rate change d this year it was higher than it is now.We have to carry our own insurnace rate and pay our own property taxes besides.Hope that helps , and we live in Ky.

adonis · Posted: Mon Feb 04, 2008 10:53 pm Post subject:

Ok Patricia, so you are on an ARM I suppose. Why didn't you include the insurance and property tax in the escrow?

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

I am not sure that was an option back then, can't remember now. But as high as the payment is now, we could never make it if it had been included.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

Mine includes my taxes and insurance because I wanted it set up that way so that I did not have to come up with that money when those bills were due. It has helped me tremendously, before I put in an escrow account it was always so stressful to me every time my big taxes would come due. I think that you are better off going this route.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Sounds good we once had a loan like that.Honestly I don't think that that was an option at the time.At least I don't recall it that way.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

They say the rates are going down now, maybe time to think about refinancing at a fixed rate and include your taxes and insurances. Our first loan did not have this option, we struggled everytime they came due, now we don't even see them, we did this on the refinance. Something to think about anyway.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Yes sounds good if that is an option ,but for some reason I can't get hubby to refinance now at a lower rate and a fixed rate somewhere else.Our loan is at 7.5 and stays that way for a year. It is revolving rate terrible I think. We started out 11 years agao at 325 now it is almost 500 a month!

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

With those types of loans I would think that you would have to figure out what your max payment would be and always try to have that available, that is quite a hike from $325 to $500, that is $125 extra, if your rate should happen to fall, which it should, with all the talk about mortgage problems in the house, you should be saving that $125 a month as if you were still paying the higher payment. You are adjusted to that now so keep your budget where it is.

We took ours out for 15 years at a fixed rate of 6.50%, we have like 11 years left, our actual payment is around $500 and then we add in the escrow, that adds another $200 on it, but then our taxes and insurances are paid out of it, I will be happy when it is all paid off, should be before we retire, LOL. or well before.

I am on track to start making a few extra payments a year now to get rid of it sooner.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Wish I could keep the extra we save like you suggested .But my hubby is self employed in conctruction so that payment is hard to come by it will probly be put back into the budget so that we can breath a bit for a while. The thing is it will not be up for a lower rate till we have paid this rate for a year and wharever it is at that time will relect our payment. By then it could very well be back up there.

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