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 celiaambrose
Joined: 17 Apr 2009
Posts: 1
1.35 Dollars($)
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 Posted: Fri Apr 17, 2009 6:26 pm Post subject: downpayment on house |
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| Need to downsize to smaller home. Want to use $57000 to pay on new loan for small condo priced at $90000. How much will my monthly payments be? |
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Garysnober
Joined: 17 Mar 2009
Posts: 455
15.40 Dollars($)
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| Posted: Fri Apr 17, 2009 8:04 pm Post subject: |
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| K so ur going to use 57k downpayment on a 90k condo? |
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Celia
Guest
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| Posted: Sat Apr 18, 2009 5:52 am Post subject: condo |
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| If I get the price on my home, I will have minimum amount of $50K. Condo's are about 90K where I live. I only have a car loan, and no other credit card expenses. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1606
Location: MASSACHUSETTS
150.38 Dollars($)
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| Posted: Sat Apr 18, 2009 9:40 am Post subject: |
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Yes Gary, I think Celia wants to put $57,000 or $50,000 (as she mentions in her 2nd post) down on the new home. Perhaps she wants to sell her current home to get into a condo. Looks like home prices aren't doing well in her neighborhood. Well, it's pretty much the same in several areas actually!
Celia, I'm not sure whether you're taking out a fixed or adjustable rate loan. But if yours is a fixed rate mortgage, you may use the FRM Calculator available here and evaluate your monthly payments.
If you have further queries, please feel free to ask.
May god bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Garysnober
Joined: 17 Mar 2009
Posts: 455
15.40 Dollars($)
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| Posted: Sat Apr 18, 2009 9:46 am Post subject: |
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| Hi yes sorry for the late reply and thanks samantha. 50k down on a 90k mortgage. Is more then 50% so you will only have to loan around 40-45k which in return will make your payment very affordable. Just depends on rate and lenght of loan term. Will be around only a few hundred dollars a month. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9791
Location: bloomfield, ct
42.59 Dollars($)
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| Posted: Sat Apr 18, 2009 11:25 am Post subject: |
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this is so easy to answer without all the filibustering. if you borrow $33000 for 30 years, celia, here are some sample payments: $180 @ 5%; $201 @ 6%; $223 @ 7%. don't forget that taxes and condo fee are considered part of your payment to get you qualified, as well.
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George M. Akerley
Loan Consultant
860-221-5044 |
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