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Old 11-04-2018, 06:30 PM
 
178 posts, read 143,270 times
Reputation: 157

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The calculators will always be correct. We just closed on a mortgage of $370,000 30 year fixed rate of 4.35%. With taxes and insurance we're paying $2320 a month. Hopefully we'll be able to pay it off in 20 years. That's the plan.
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Old 11-04-2018, 08:20 PM
 
Location: Grosse Ile Michigan
25,012 posts, read 60,229,036 times
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Our loan is $335,000. Payments are roughly $1600 a month. IF by fully financed you mean 100% with no down payment, you are not going to find that.
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Old 11-05-2018, 08:17 PM
 
81 posts, read 237,921 times
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Quote:
Originally Posted by Coldjensens View Post
Our loan is $335,000. Payments are roughly $1600 a month. IF by fully financed you mean 100% with no down payment, you are not going to find that.
Actually NFCU still has a loan for 100%. Even during the bubble they continued to offer their 100% Homebuyers Choice loan. Must be a member and have good credit.
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Old 11-06-2018, 08:38 AM
 
264 posts, read 159,884 times
Reputation: 689
It's going to look different for everyone; there's no point in asking what it feels like generally.

A $400K house with $2500 in taxes and $2000 in insurance is wildly different from a $400K house with $15K in taxes and $1200 in insurance... in the short AND long term. there's PMI, if applicable. Then there's the interest rate that each person locked into at various times, with a significant range. Was theirs a 15 or 30-year mortgage? Is the house in an HOA and what are the fees? There's a reason someone gave you a calculator.

Use that calculator.

You're looking at differences that can DOUBLE the monthly payment, depending on those factors. There are people paying ~$1600/mo for a $400K house because they have low taxes, no HOA, bought a 30-year when rates were at 3%, and put down 20%. There are people paying over $4500/mo. for a $400K house because they have high taxes, live in an HOA, locked into a 15-year at 6% (when that seemed low), put down 10%, etc. Someone with an FHA loan put down FAR LESS, has high taxes, and is paying ~$4000/month.

Get a specific house in mind and put that calculator to USE. You need to see how that might feel for YOU.
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Old 11-06-2018, 09:26 AM
 
30,291 posts, read 15,511,302 times
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As people have pointed out, the variables are home insurance cost (depends), property taxes (depends, but you can calculate those yourself) and HOA fees (depends), so it's really very difficult to give a real-life figure if we don't know the exact house and housing market you're in.

Example: I live in a small old house in an expensive neighborhood. That means my home insurance is dirt cheap - I could rebuild this place for a low figure (and sometimes think I should) - and the banks are happy to underwrite loans, because the property is close to the beach and they're not making any more of that. My property taxes are still painful, though.

That being said, I don't think anyone has touched on closing costs, escrow fees etc.. They are very hard to know ahead of time and in my experience, can run into the thousands. I found it much easier to deal with a big lender (US Bank in my case) than having a mortgage broker who was supposedly on my side, but who ended up essentially bleeding me every nickel and dime he could. The big bank - well, did the same, but they were up front about it and I could at least budget.

Not helpful, but...
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Old 11-06-2018, 12:30 PM
 
38 posts, read 8,218 times
Reputation: 37
Quote:
Originally Posted by ringler24 View Post
The calculators will always be correct. We just closed on a mortgage of $370,000 30 year fixed rate of 4.35%. With taxes and insurance we're paying $2320 a month. Hopefully we'll be able to pay it off in 20 years. That's the plan.
How did you get 4.35% ?
I recently recieved almost a full point higher at 5.25%
My credit score is good, not flawless, but a whole % point ? Wow!
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Old 11-06-2018, 10:11 PM
 
178 posts, read 143,270 times
Reputation: 157
I locked it back in early Sept. and got a 60 day lock because I knew rates were going to probably go up. Our title company couldn't believe we closed with that rate though. It was the lowest she had seen in a while.
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Old 11-06-2018, 10:39 PM
 
30,291 posts, read 15,511,302 times
Reputation: 15902
Quote:
Originally Posted by WorkingToRetire View Post
How did you get 4.35% ?
I recently recieved almost a full point higher at 5.25%
My credit score is good, not flawless, but a whole % point ? Wow!
Getting tough out there. I re-fied at 3.75% (20 yr) almost exactly a year ago.
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Old 11-20-2018, 10:37 AM
 
Location: Weehawken, NJ
133 posts, read 152,037 times
Reputation: 89
Just closed 3 weeks ago, I almost walked away due to the interest rate but at least I own a mortgage now lol... Hopefully rates drop and I can refi. When we submit our offer, early September I had a rate of 3.875 paying points but I didn't lock in thinking rates would hold steady...sighhh ended up locking in at 4.875.

$402,000 Purchase Price
$12,000 Seller Concession
20% down
4.875% Rate

P & I $ 1701.93
Taxes $890.75
Insurance $60.92

Total Monthly Payment $2653.60
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Old 12-06-2018, 08:05 PM
 
Location: Somewhere in USA
539 posts, read 459,302 times
Reputation: 467
Quote:
Originally Posted by xism View Post
Just closed 3 weeks ago, I almost walked away due to the interest rate but at least I own a mortgage now lol... Hopefully rates drop and I can refi. When we submit our offer, early September I had a rate of 3.875 paying points but I didn't lock in thinking rates would hold steady...sighhh ended up locking in at 4.875.

$402,000 Purchase Price
$12,000 Seller Concession
20% down
4.875% Rate

P & I $ 1701.93
Taxes $890.75
Insurance $60.92

Total Monthly Payment $2653.60

Wow! We got almost the exact same monthly payment haha. only difference is two dollars.



That tax is killing us. What's the sq ft of your house?
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