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About mortgages and your monthly payment.  

Fico Scores play a big part in your interest rate  The rates will change but gives you an idea of how FICO scores come into play.  There is a difference of 1.6% in the rates from the top FICO score and the bottom.
 

So let's calculate the total monthly pament on a 300,000 home with $6,000 annual taxes. 20% down. 3.5% interest rate.

The mortgage is $260K so take 260 x $4.49= $1,167, then add $500 per month for taxes, and $75 for homeowners insurance = $1,742.  If the total down is less than 20% we'll have to add mortgage insurance.  If it's a condo or townhome we add the monthly association.

 

Property taxes vary, so keep that in mind on each house.


Interest Rate Cost per $1,000 on a 30 year mortgage
7.5% $6.99
7.25% $6.82
7.125% $6.74
7% $6.65
6.75% $6.48
6.5% $6.32
6.25% $6.16
6% $6.00
5.75% $5.84
5.5% $5.68
5.25% $5.52
5% $5.37
4.75% $5.22
4.5% $5.07
4.25% $4.92
4% $4.77
3.75% $4.63
3.5% $4.49

 
 
 
The true story of an FHA loan on one of our buyers.