Profile picture for casadedamus3

How can we pay a specific amount every month, ($1800 with ensurance and taxes)?

How can we pay a specific amount every month, ($1800 with insurance and taxes) in a house that is price $515,000.00, but we are putting a dawn payment of $177,000.00
after 6 months of purchase the house will be pay off, but during those months we would like to keep low monthly payment if is possible low $1800.00 with taxes and insures.Do you think that could be possible? 
  • November 28 2013 - Oregon City
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Answers (4)

Profile picture for SteadyState
In your case it is possible but your interest rate needs to be at or below 4% to make the numbers work.

1. 4% mortgage insurance: $1126/month
2. Property taxes 1.35%: $580/month
3. Insurance: $50 to $200 based on your coverage and your area: $100/month (double check)

= $1806/month

  • December 03 2013
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Go over this with your Lender. 
  • November 28 2013
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Profile picture for casadedamus3
Thank you very much
  • November 28 2013
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You may want to look into a loan that offers interest only payments on an adjustable mortgage.  The interest portion would be about $1,100, giving you $700 for T&I.  I am not licensed in Oregon, but would recommend talking to a local lender to see if you would qualify for this type of product.

Best,

Bryan
  • November 28 2013
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