# Can someone estimate what this mortgage would be?

Article Score0

I’m interested in a \$ 275,000 house in southern New Jersey so lets say I put down 10% / \$ 27,500 and mortgage the remaining \$ 247,500 over a 30 year fixed rate. Lets say property tax is \$ 7000.00 a year and I have good credit, can someone calculate/estimate what my monthly payment would be with fair PMI insurance and a reasonable/average interest rate?

4 Thoughts on Can someone estimate what this mortgage would be?
1. Reply
someone
August 1, 2012 at 1:25 am

Since you are not putting down the 20% you pay PMI so that’s 300 to 500 a month down the toilet since it is not applied to principle. Your taxes will be more then 7k You are looking at 2400 a month for principle, interest, property taxes, pmi and insurance. Now add in Water, Trash, Utilities, upkeep of yard and maintenance plus heating

2. Reply
NaturesDoctor
August 1, 2012 at 2:04 am

1,750 a month.

3. Reply
Use Your Noodle
August 1, 2012 at 2:22 am

Google “mortgage calculators”

Then you can input the data and come up with the numbers yourself.

4. Reply
Steve D
August 1, 2012 at 2:35 am

Using a 5% interest rate (you might get lower depending on how good your credit is), your principal and interest will be about \$ 1,328. You will also as you say, have property taxes, home owners insurance and PMI. Assuming you have done your homework and the \$ 7,000 is correct for the taxes, that is about \$ 650 a month, bringing you up to \$ 2000. PMI according to mortgage.info.com will be about \$ 150 and home owners should be another \$ 100, so figure payments somewhere around \$ 2,250.

Register New Account
Reset Password