What would my mortgage payments be on this?

Deal Score0

In Round Rock, TX
Current offer: $ 160,000
% Downpayment 3.00 (FHA)
Total Downpayment $ 4,800
Principal Loan $ 155,200
Interest Rate 6.00
Length (Years) 30
Number of Payments (Term) 360

Monthly Property Tax $ 286 (%2.14, I think, Realtor is telling me there’s more taxes to pay, even though the City’s site shows that Round Rock’s property tax is %2.14…which is true?)
Mortgage Insurance $ 80 (I guess)

How much should the total monthly payments be?
Total move-in costs?

  1. Reply
    Amanda S
    May 19, 2011 at 8:31 am

    Based on the info you provided, the monthly payment would be approximately $ 1296.

    You’d need to check with your lender for the closing costs – this could vary from company to company.

  2. Reply
    May 19, 2011 at 8:53 am

    First of all, your lender is REQUIRED to provide you with this information – a little this called Truth-in-lending. Also, you will need to estimate property insurance as well. You will be putting Taxes and Insurance into an escrow account.

    Loan payment (P+I) = 930.50
    Property Tax = 286.00
    PMI Insurance = 80
    Property Insurance = ?

    Estimated Payment = 1296.50 plus Property Insurance

  3. Reply
    May 19, 2011 at 8:56 am

    My wife and I are building in north Dallas, and here is what we’re ending up with (estimates, but have been pretty consistent across lenders):

    Price: $ 139,990
    FHA 3% down (about $ 4200)
    Principle about $ 135,790
    Interest Rate: 6.0
    Years: 30

    Taxes: Our taxes come in at just under 2.8%. Remember, city tax isn’t all you have. For instance, we have County, City, School District and MUD. It adds up fast.

    With all of that, our payments have been fairly consistently estimated between $ 1315-$ 1330 a month.

    That is typically about $ 320-$ 330/month for taxes, about $ 80-$ 100/month for insurance and about $ 50-$ 60 for mortgage insurance.

    I would guess that when you actually start getting estimates, you’ll be looking in the mid to high $ 1400s.

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