As a mortgage broker in Palm Beach County, I am often asked to pre-approve homebuyers. Unfortunately, in a lot of cases, I find homebuyers, especially first time homebuyers are mislead by the "teaser" rates that are advertised, and have unrealistic expectations as far a monthly payment.
Buyers are looking at homes in the $300,000 range and expecting a monthly payment of $1200. That just isn't the case.
With that in mind, I have included some examples of what a housing payment would look like in a few price ranges. These examples are based on a 30 year fixed rate program. These are estimates only. Rates could be higher or lower,depending upon a number of factors, including amount of down payment, credit history, assets and income.
To find out what rate you qualify for, consult with a local mortgage broker.
| This information is provided for illustration only, does not constitute an application, does not guarantee loan approval, not is it an offer or commitment to make a loan to you on the above terms. This is not a commitment or an offer to extend financing | |||
| Loan Amount | $ 200,000 | $ 250,000 | $ 300,000 |
| 30 Year Fixed: | 6.500% | 6.500% | 6.500% |
| Principal and Interest: | $ 1,264 | $ 1,580 | $ 1,896 |
| Real Estate Tax: | $ 300 | $ 313 | $ 375 |
| Homeowner's Insurance: | $ - | $ - | $ - |
| HOA/Condo Fee: | $ 200 | $ 225 | $ 250 |
| Mortgage Insurance: | $ - | $ 104 | $ 125 |
| Total Payment: | $ 1,764 | $ 2222 | $ 2646 |
| Annual Income Required: | $ 52,924.08 | $ 65,915.10 | $ 77,886.12 |
For other loan amounts, use my calculator here
For more mortgage articles and mortgage information, visit my blog South Florida Mortgage Lady
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