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Old 09-22-2009, 03:27 PM
 
7 posts, read 47,289 times
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What monthly total mortgage payment (including HOA fees, insurances, interests, property tax) can I expect to pay on a 2 Bedroom 1 Bathroom $400,000 Condo in Fort Lee, New Jersey?

I came up with about $3,600. Is this about how much it costs? I have excellent credit score and am willing to put about 10-15% as a downpayment.

I want to hear from people that actually pay mortgages living near Fort Lee, NJ. It's not a luxury condo, and just a regular condo.
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Old 09-22-2009, 03:37 PM
 
Location: Vermont
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Sounds high. Maybe as a result of HOA fee + low down payment.
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Old 09-22-2009, 03:50 PM
 
Location: Holmdel, NJ
20,901 posts, read 25,982,660 times
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it sounds high but it also seems like a pretty easy thing to figure out.

you put 15% down on 400k that means you are borrowing 340k. so just plug that info into a simple mortgage calculator with the rate and term (Mortgage Calculator - Bankrate.com&) and there you have your mortgage payment.

you can see the property tax here: NJ Tax Records Search

im sure you can easily get the hoa fee.

im not sure what insurance costs but cant be too hard to estimate.

add them all up and there you have it.
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Old 09-22-2009, 04:19 PM
 
7 posts, read 47,289 times
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First, thanks for your replies.

I actually did some researches and found that prop taxes and hoa fees are about 600 monthly each around that area. I'm not sure if the hazard insurance is included, so i added 200, and another 200 for the mortgage insurance. It would be great if someone could let me know what the HOA fee most condos cover. If it covers insurance, that would help me a lot. It's unfortunate I cannot do 20% downpayment otherwise that would be awesome. thanks for your inputs and links btw.
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Old 09-22-2009, 04:30 PM
 
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400K for a non luxury building seems high. don't forget the maintence fees.
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Old 09-22-2009, 05:10 PM
 
Location: Vermont
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This does sound really like a lot of money to me. 7200 a year taxes? and 7200 in HOA? OUCH!!!!!!!
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Old 09-22-2009, 05:27 PM
 
Location: Montgomery County, PA
2,771 posts, read 5,169,481 times
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Quote:
Originally Posted by xjp83x View Post
What monthly total mortgage payment (including HOA fees, insurances, interests, property tax) can I expect to pay on a 2 Bedroom 1 Bathroom $400,000 Condo in Fort Lee, New Jersey?

I came up with about $3,600. Is this about how much it costs? I have excellent credit score and am willing to put about 10-15% as a downpayment.

I want to hear from people that actually pay mortgages living near Fort Lee, NJ. It's not a luxury condo, and just a regular condo.
looks a bit steep. Mortage payment should be around 2000, everything else around 1000 or so for about 3000.

What is your estimate of the mortgage payment, and how did you arrive at it (e.g. loan amount, rate, and term as in 30y fixed etc)
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Old 09-22-2009, 06:31 PM
 
Location: GA
2,702 posts, read 8,930,978 times
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Is this building a conversion? Your hoa fee may include heat and water. Are you sure about the property tax? Is it included in the hoa fee? You really need to find out the amount of the monthly fee and what it covers.
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Old 09-22-2009, 07:50 PM
 
Location: Mount Laurel
4,106 posts, read 7,343,928 times
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$3600 sounds way too high.

Even at 6.0%, 30yrs 15% down put you at around $2040 for mortgage. Property tax is about $5400/year. With HOA and insurance, you should still be under $3000/month
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Old 09-22-2009, 08:33 PM
 
Location: NJ
12,284 posts, read 29,564,768 times
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$400/mo for insurance sounds way too high. I pay about $30/mo on a home worth more than that condo.
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