How Much should a 200K house cost with an FHA loan and the 3.5% down?
We will have a PMI payment with that as well as 4,400 dollars a year in property taxes, my we have been given a variety of prices but all are around 1600 -1750 a month, 730 credit score although I do not think that matters in this instance. I hear others that have a much more expensive house and pay alot less per month.
Tags: 200K, 3.5%, Cost, Down, House, Loan, much, should
2011/12/07 at 21:58:47
Using a 4.75% no points 30 year fixed rate and a $900 annual hazard insurance premium, I estimated your monthly payment at $1602.26. The payment breakdown is as follows:
$1,016.85 P&I
366.67 tax
143.74 PMI
75.00 Ins
$ 1,602.26 total
There are a few reasons why others may have a lower payment. Interest rates have increased about 1/2% in the past two months. In October, FHA reduced the up front PMI fee but increased the monthly PMI cost by about 60%. The increase in interest and PMI rates has raised your payment by just over $100. Real Estate taxes can vary quite a bit between taxing districts and some of your other acquaintances could have obtained conventional financing which will require more down, but result in a lower monthly payment.
2011/12/07 at 21:57:51
Sounds a little high but lenders usually give you a high estimate to allow for last unexpected expenses. I would say it will be closer to $1500. your PMI seems a little high you may want to check on that.
2011/12/07 at 21:40:02
Depends on insurance, but with an assumed yearly premium of $1000, about $1536