Today’s Welcome Home Wednesday neighborhood is College Park. College Park is located off of 24th Street and 8E, and in the area of Arizona Western College. Homes in this neighborhood were constructed in the mid-1990’s, with the average square foot per home to be around 1750 square feet. You can find both single level and two story homes in this community and both 2 and 3 car garages.
Currently there are 5 homes for sale in College Park and of those 5, 3 are under contract with an average price of $128,866. In the last 6 months, there have been a total of 11 homes that have sold in College Park, and the average selling price is $124,727. As you can see, there is a 3.5% price increase from what has sold, to what is selling now in College Park.
So, the question is, how much does a monthly mortgage payment for a home in College Park run, if my purchase price is $129,000?
According to the Team at Guild Mortgage, located at 2755 South 4th Avenue Suite #104, Phone number 928-343-7995, the breakdown would be like this;
A Conventional Loan, with a 5% down payment at 4.75% interest, for 30 years would be $892.78/monthly, which included P&I, Insurance, Taxes and PMI.
FHA Loan, with 3.5% down payment, Interest rate of 4.5% interest for 30 years would be $939.33/monthly, which included P&I, Insurance, Taxes and PMI.
There is your Welcome Home Wednesday neighborhood profile. Feel free to contact us with any questions you have regarding the home you want to sell, or the home you want to buy!