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Estimated house payment?

Mortgage payments? buying a house? is it possible?

  • im in my early 20s but i want to be a house owner or in the process of buying a house by the time im in my early 30's. this may be totally wrong and naive, im not a mathamatic, but i want to have a 30% down payment and a 25-30 year fixed loan. if i were to save $1000/month for 4 years that would be a saving of $48000 hitting my 30% down payment on a house estimated around 140,000. how much would a mortgage payment be? this is just a goal obviously nothing is set in stone yet and im still clueless on the whole real estate house payments bank loans property tax thing lol. just want to get as much information as i can thanks

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I admire your goals and I don't think it's unreasonable at all for you to save for a home. Also, don't forget the interest you could earn on $1000 a month in savings. You'll reach that 30% earlier than you think. The only thing I'd advise you to do is investigate the difference between the payments on a 30 year mortgage and a 15 year mortgage. You'll be surprised how little extra it takes to knock 15 years off your mortgage and how much money it will save you in interest. It's significant. You're going to have to pay to live somewhere. It's good solid thinking to plan to own the place you'll be paying for. Best of luck to you.

Purchase price = $140K Down-payment = $44K (you'll need some of the $ for closing costs and pre-paids) Mortgage = $96K $96,000, 30 yr. fixed, 6.5% (hard to tell where rates will be) = $607.16 principle and interest payment. Add onto that the property taxes and home owner's insurance. The total monthly payment shouldn't take up more than 28% of your monthly income. Nice goal! If you do this and keep your credit solid you'll be able to qualify for the best rates possible!

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