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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
    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
    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 will be about $ 150 and home owners should be another $ 100, so figure payments somewhere around $ 2,250.

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