Zillow Advice: Buying Process - how much is my mortgage and expected monthly payment http://www.zillow.com/advice-thread/how-much-is-my-mortgage-and-expected-monthly-payment/392375/ Zillow Advice | Zillow Real Estate Hi. It sounds like you might ... http://www.zillow.com/advice-thread/how-much-is-my-mortgage-and-expected-monthly-payment/392375/ Hi. It sounds like you might not be comfortable with the payment amount you have in front of you. I can tell you that 4.5% is a very good rate, especially if you are using down payment assistance. If you are still uncomfortable with that payment, you may want to consider less house or an Adjustable Rate Mortgage (ARM) with a lower rate, thus lowering the payment until your income increases. The mortgage professionals I work with are telling me a 5 year fixed ARM with FHA is approx 3.75% today.<br/><br/>Hope this helps,<br/><br/>Holly Mon, 28 Mar 2011 14:45:00 GMT http://www.zillow.com/advice-thread/how-much-is-my-mortgage-and-expected-monthly-payment/392375/ 2011-03-28T14:45:00Z You haven't provided enough ... http://www.zillow.com/advice-thread/how-much-is-my-mortgage-and-expected-monthly-payment/392375/ You haven't provided enough information to answer your question.&nbsp; What is the amount of the down payment assistance?<br/><br/>On a purchase price of $240,000 your year taxes will be $3,000 based on an average tax rate of 1.25%.&nbsp; Divide the $3,000 by 12 to get your monthly tax payment of $250.00 per month.<br/><br/>For insurance times the purchase price of $240,000 by 0.35% which gives you a yearly insurance premium of $840 divide that by 12 to get your monthly amount of $70.<br/><br/>So far your housing expenses are $250 + 70 = $320.<br/><br/>Has the lender said anything about mortgage insurance?&nbsp; If so the current monthly rate is 0.95% raising to 1.15% (as of April 18th), of the loan balance if you're using FHA FHA financing.&nbsp; <br/><br/>You need to get all these questions answered by your lender, and then shop a few other lenders to compare loan products and options. Sun, 27 Mar 2011 19:48:00 GMT http://www.zillow.com/advice-thread/how-much-is-my-mortgage-and-expected-monthly-payment/392375/ 2011-03-27T19:48:00Z There are mortgage calculators ... http://www.zillow.com/advice-thread/how-much-is-my-mortgage-and-expected-monthly-payment/392375/ There are mortgage calculators on the internet which will give you the monthly payment on your mortgage.&nbsp; You need the sales price, down payment amount, rate of interest, annual property taxes, annual insurance premium, and duration of the loan.Input the numbers and the site will figure the payment.<br/><br/>Whether $1700 a month is too much to pay is not something we can advise you on.&nbsp; To qualify for the loan, the total mortgage payment compared to your income will have to meet ratio requirements. Sat, 26 Mar 2011 05:41:00 GMT http://www.zillow.com/advice-thread/how-much-is-my-mortgage-and-expected-monthly-payment/392375/ 2011-03-26T05:41:00Z