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what is the mortgagefor a 200,000 home

Include insurance and PMI at an interest rate of 5%
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May 19 2011 - Mansfield
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Answers (5)

All of the replies are correct. But it would be helpful to know how much money you have for down payment and closing costs. By providing this information we can get a good picture of your situation.

Jeff Thomas
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May 21 2011
Taxes in Texas on a $200k home will likely be in the $6k/year neighborhood, or $500/mo.
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May 21 2011
$200,000 purchase price and im assuming you are doing 3.5% down FHA.
$193,000 loan amount ($7,000 down)

$1,036 principal and interest
$176 MIP (mortgage insurance premium)
$208 property taxes (can vary depending on your state)
$50 for insurance (this can vary if you have car combined with house)
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$1,470 for everything (that is if you don't do a VA 100% or USDA 100% or 97% CONVENTIONAL loan) Let me know if I can help

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May 20 2011
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Since you indicate you only have $5k to put down, and a FICO credit score below 660, you might not qualify for the loan.  ($5k is only 2.5%, and FHA loans need 3.5% minimum down; not to mention, the government is thinking of raising the minimum down payment for government backed loans to 20% down.)

And what about your other closing costs???  Are you expecting the seller to pay those for you?  Or are you planning on getting down payment assistance and other assistance from your local housing department due to your income status?

Zillow is indicating $455 monthly just for the insurance and property taxes.  It is not calculating correctly for the Principal, Interest, and Mortgage insurance since it is using the median interest rates for 20% down, not 3.5% down, let alone 2.5% down.  It is also using the median for a 680+ FICO rather than below 660.

It looks like about $1050 per month principal and interest at 5% if you could qualify for that rate, but that doesn't include the Mortgage insurance.



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May 19 2011
You can use the calculator here on this site or you feel free to contact me for specific information. Without knowing the size of your down payment or your credit history it's a little difficult to figure your payment. Most likely you'll be going FHA at 3.5% or if you buy south of Manfield, the USDA RDL loan if available at $0 Down payment. Let me know if I can help.

Best of Luck!
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May 19 2011
 
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