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Why are the monthly payment options for any location smaller on the iPhone app than the website?

For example, 18570 W Pamela Pl, Gurnee, IL 60031 shows a monthly payment of $665 on the iPhone app and a monthly payment of $1,075 on the website.  This is my first time ever even looking at buying homes and am probably just missing something that makes these different numbers make sense.

Thank you.
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March 03 2011 - Gurnee
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Answers (3)

I would suspect the higher one includes taxes and an insurance estimate.
at 5% each $1000 you borrow will cost $5.37 for a 30 year mortgage term. There may be mortgage insurance....
Then divide the insurance and tax bill annual costs by 12. Add it up and that is what is the PITI monthly cost. Some homes will also have an association fee. Best next move may be to sit down with and preapprove with a good local lender, which your good local Realtor could probably recommend at a sit down there.
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March 04 2011
Apps are great for giving you an idea of what a particular home might cost but it depends on the purchase price, downpayment and interest rate.  If you are a first-time home-buyer, please talk to a lender first so you know what you can qualify to purchase.  Then you'll have a better idea what monthly payment you can afford and which homes you can be looking at.  Good luck!
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March 03 2011
Are they using the same interest rate and same down payment? If you have not been approved for a loan by a lender, that is the first step for first time buyers.
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March 03 2011
 
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