Can anyone give me a hint on my mortgage payments?

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I bought my first house about 8 months. I had no down payment and eventually separate two Darlehen.Die first $ 114,000 @ 6.75% 30 years festgesetzt.Die second for $ 38,000 @ 9.436% 15 years of the first payment Ballon.Monatliche: 1,014.12 monthly payment the second is $ : $ 316.05 I can afford them. Its far from ideal, but I do pay a little more per month than I would for an apartment. I thought I could refinance before too long, then too but people bought the $ 35K $ 350K houses and I think my chances of that just now are very slim since I do not pay me next to this principle, we Punkt.Lassen 9 +% of the cruel alone for a minute. I know there are insurance costs and property taxes built in mortgage payments, but I’m plugging $ 114K and 6.5% over 30 years in the computer online generic and goes nowhere near what I paid. If any help? 6.75% for the calculations … Typing errors are used.

6 Comments
  1. Reply
    grayhambone
    May 4, 2011 at 1:22 am

    you’ll pay over 365 k for that loan over 30 years. what’s to get?

    1014 x 12 x 30

  2. Reply
    Galt Realty
    May 4, 2011 at 1:43 am

    Yes, your problem is those taxes and insurance payments. In order to accurately figure out what your payments would be, you have to know what you pay for those so you can add it to the payment that’s coming up on the online calculator.

    There is a way to estimate it. Figure out what your current principle & interest payment is, based on your current interest rate (using that online calculator), then subtract that amount from your actual payment. That “leftover” amount should be what you’re paying each month for taxes and insurance. Then when you go to the online mortgage calculator with the new interest rate, add your “leftover” number to the number you get from the calculator, and that should be your “new” payment, more or less.

  3. Reply
    gospeldiva
    May 4, 2011 at 2:19 am

    you should be able to refinace by now, you only have to wait 6 months i believe, if you have been on time with your payments you should be O.K…You should consult a Real Estate Agent

  4. Reply
    edwinjoel22
    May 4, 2011 at 2:47 am

    Seat thigh, and wait 2 years , then do the refinance, the market is so crap , (thanks to Mr Bush) that probably your equity is gone. At least you are not alone, the whole country is in the same situation.

  5. Reply
    estielmo
    May 4, 2011 at 3:02 am

    Do you know how god-awful high insurance and taxes are in your county? And they usually keep a smidge extra just in case. And that doesn’t even count the PMI.

    Your payment sounds about right to me. Check with your lender.

  6. Reply
    Dale H
    May 4, 2011 at 3:06 am

    I get 739.40 for principal and interest. That would make the taxes and insurance about 274.72. Does that sound about right?

    I don’t know why you would be using 6.5 as the rate if it is 6.75.

    You are right. It would cost too much to refinance at this point even if you could. It would be years before you would actually be saving money.

    I would focus on paying down the 2nd. The rate on the 1st is not that bad. If you add abut $ 80/month to the payments on the 2nd, you will pay it off in 15 years. If you could pay $ 500/month on it, you could pay it off in less than 10 years.

    I hope this helps.

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