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Old 12-18-2007, 07:10 PM
 
1,343 posts, read 2,660,878 times
Reputation: 416

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I am trying to determine how much can I afford for the total (including taxes and mortage insurance) mortage payment. This is my first time buying a home ,and I am trying to calculate all of my living exspenses and trying to determine what monthly payment I can live with.

What is included in the overall mortage payment I pay per month?

I am thinking mortage insurance, tax payment, and the actual mortage payment (interest + principal). I am I correct.

What else is included? Am I missing something. Is HUD fees including.

1. Whats an estimate of amount of mortage insurance for 170k (2100 sq ft) home in Houston Texas? Any website to look this up? Just give me you estimate.

2. I am thinking my monthly tax payment for $3.84 of the value of the home is $528. 170000*3.84/100 = $6336. So 6336/12 equal $528/month.

So will my total mortage payment be = mortage insurance + $528 + mortage payment?

Please help me.
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Old 12-18-2007, 07:32 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,544,407 times
Reputation: 1009
WHENEVER you look at home with a realtor..ask them the annual taxes on the property. You can sometimes see it on zillow.com by searching the property..and seeing the property tax info when you click on the property info.

PMI depends on the type of product you choose...
If it's FHA..then it's a standard percentage.

If it's conventional then it depends on the LTV..and your credit score.

You're asking about the HUD fees....are you asking about the total closing costs or your monthly mortgage payment?
Sometimes Homeowner association dues maybe a factor


Quote:
Originally Posted by darrell2525 View Post
I am trying to determine how much can I afford for the total (including taxes and mortage insurance) mortage payment. This is my first time buying a home ,and I am trying to calculate all of my living exspenses and trying to determine what monthly payment I can live with.

What is included in the overall mortage payment I pay per month?

I am thinking mortage insurance, tax payment, and the actual mortage payment (interest + principal). I am I correct.

What else is included? Am I missing something. Is HUD fees including.

1. Whats an estimate of amount of mortage insurance for 170k (2100 sq ft) home in Houston Texas? Any website to look this up? Just give me you estimate.

2. I am thinking my monthly tax payment for $3.84 of the value of the home is $528. 170000*3.84/100 = $6336. So 6336/12 equal $528/month.

So will my total mortage payment be = mortage insurance + $528 + mortage payment?

Please help me.
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Old 12-18-2007, 07:42 PM
 
1,343 posts, read 2,660,878 times
Reputation: 416
Thanks for replying. I am talking about mortage payments.

Basically, what all should I consider when trying to budget for a mortage payment. Should I consider PMI and how much is it?
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Old 12-18-2007, 07:46 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,544,407 times
Reputation: 1009
what's your loan amount? purchase price? and credit score?
is it a 30yr fixed 'conventional' mortgage or FHA/VA ?
Quote:
Originally Posted by darrell2525 View Post
Thanks for replying. I am talking about mortage payments.

Basically, what all should I consider when trying to budget for a mortage payment. Should I consider PMI and how much is it?
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Old 12-18-2007, 07:53 PM
 
1,343 posts, read 2,660,878 times
Reputation: 416
Thanks for helping me.

Cost of home is about 165k

Loan amount 160k

FHA loan

credit score is 591
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Old 12-18-2007, 07:57 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,544,407 times
Reputation: 1009
162,400.00 should be the loan amount

you MIP payments are based on .5% so should be around 67.66 per month

normally you would finance the 1.5% funding fee into the loan amount so this is how i came up with 162,400


Quote:
Originally Posted by darrell2525 View Post
Thanks for helping me.

Cost of home is about 165k

Loan amount 160k

FHA loan

credit score is 591
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Old 12-18-2007, 07:59 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,544,407 times
Reputation: 1009
BTW your property tax is way off....
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Old 12-18-2007, 08:12 PM
 
1,343 posts, read 2,660,878 times
Reputation: 416
Quote:
Originally Posted by banker0679 View Post
BTW your property tax is way off....
Show me how to calculate the monthly tax payments. Give me an example.
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Old 12-18-2007, 08:29 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,544,407 times
Reputation: 1009
well that's the hard way....
you need to find out the millage rate for the taxes.

just go on zillow.com put the property address in there..

click on the address...and scroll down and look (center of the page)
under chart's & data. this will show you your annual taxes..you divide that by 12...and you should have it!

what state are you in? or what's the zip code of the property?
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Old 12-19-2007, 07:48 AM
 
Location: NE Florida
17,833 posts, read 33,022,198 times
Reputation: 43378
darrell2525
Call the local property tax appraisers office, they will be able to give you the millage rate.
Also remember the taxes the current owner is paying may differ than what you will pay. This is one mistake many buyers make they see the tax amount on the MLS and budget for that amount.
For example the taxes we are paying on our house are based on our purchase price. If we were to sell the new owners would be paying taxes based on what they pay.
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