how much a mortgage would cost 225,000 a month?

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I’m looking to buy a house and wonder what the cost of credit 225 000. I have about 5% deposit .. The only problem is that my W2 did show a lot of money. In self-employment and started working full time. I’m looking for a particular program IMCOM .. I have pretty good credit, but I have about some of my toys .. Loans Suggestions

4 Comments
  1. Reply
    Kjack
    April 29, 2011 at 11:23 pm

    Goto Realtor.com they have a mortgage calculator on there.

  2. Reply
    mazziatplay
    April 29, 2011 at 11:39 pm

    Anyone who tells you they can get you a stated income loan with only 5% down is blowing smoke.

    Investor guidelines state that you have to have been self employed for a minimum of 2 years to qualify unless you are doing a no income loan.

    There are loan officers out there who will tell you to fake it, but that is loan fraud and if the lender audits the file and finds out that you have understated your income or misstated your length of self employment they can declare the loan in defualt and call it due and payable.

    Yes, you can do a NINA loan that doesn’t even ask what you do for aliving but it requires a much larger down payment to offset the percieved risk.

    Be careful.

  3. Reply
    iceman
    April 29, 2011 at 11:48 pm

    Depends on the interest rates you would quailfy for. Getting only 5% down would certainly raise the cost a little..

    You would be looking at somewhere around 1400-1600 a month for the total payment plus interest.

    But then you would have to add in taxes and insurance as well.

  4. Reply
    novastarbanker
    April 29, 2011 at 11:58 pm

    Your payment fully depends on the rate you qualified for. If it is 6% then your payment for principal and interest would be $ 1,282.50. If your rate is 7% then your payment would be $ 1,421.44. See how the different rates make a difference to the payment? Then you have to add your monthly escrow contribution for your taxes and insurance, which I don’t have your infor on that, either. Speak to your lender, and ask for everything in writing, so you can see the breakdown of the monthly payment. Good Luck!!

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