Can you help me calculate a mortgage payment?

[Anonymous]

I just want to make sure I am calculating everything correctly.

We are buying via USDA Rural Development Guaranteed loan.  

• expected loan amount is $123,900  (seller is paying closing cost)
• I researched and it looks like my interest rate will be 4% or really close to it
• property taxes will be about 1,866
• HOA fees are 198.00 a year
• Hazard insurance should be about 480.00
• No PMI

I am calculating a payment of about $796.00 a month.  Does that seem correct or am I forgetting something?

[namvet]

Not enough info to do the math!

[Anonymous]

What else is needed?

[MarineVietVet]

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@Anonymous wrote:

What else is needed?

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Is it a 30 year note? 15 years?

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

It is a USDA Rural Guaranteed so it would be 30 years...fixed.

[MarineVietVet]

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@Anonymous wrote:

I just want to make sure I am calculating everything correctly.

We are buying via USDA Rural Development Guaranteed loan.  

• expected loan amount is $123,900  (seller is paying closing cost)
• I researched and it looks like my interest rate will be 4% or really close to it
• property taxes will be about 1,866
• HOA fees are 198.00 a year
• Hazard insurance should be about 480.00
• No PMI

I am calculating a payment of about $796.00 a month.  Does that seem correct or am I forgetting something?

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I came very close to what you did. I got $803.52.

Principal & Interest = $591.52

Taxes & Insurance = $212.00 ($1,866 + $198 + $480/12)

Disclaimer: I am by NO means a mortgage guru so if one of the real experts comes along and says I couldn't be more wrong this might be my last attempt to calculate payments. 

[Anonymous]

Thank you very much.  I just wanted to make sure I was calculating everything correctly.  

[payingoffdebt001]

Wow that's Great!! I always thought if you bought a house of like 123,000 y our monthly payment would be 1,230 or so.  10%  of the price of the house.

But I knew it must be different these days now that rates have gone down.  KEWL!   I know alot of factors also go into play  - but around here in TEXAS that is just how it seems to go.  A friend just bought a new home in 2011 for about 150,000 and her note is about 1450 a month. 

[Anonymous]

You have to keep in mind that since my mortgage will be backed by the government I will not have to pay PMI insurance which would be about 80.00 more a month for the cost of my house I believe.  It depends on what type of loan you use.  Good Luck!

[thankfulheart]

There is an annual fee charged by USDA.  It's $37/mo on the paperwork I have on a $139K estimate.