So how much do you want to pay?
December 10, 2013 7:07 PM Subscribe
We are shopping for a new home. We think we have found a home we want to put an offer on. The thing is, we have no clue how much the mortgage payments will be. We know the taxes and insurance, but there are so many online calculators giving us very different numbers for the monthly payment.
posted by MayNicholas to Home & Garden (21 answers total)
We plan on going FHA with 3.5% down, fixed APR, 30 yr. We have enough in the bank for 5% down, great credit and acceptable LTV, to maybe consider a conventional loan with PMI, but then we would have to borrow from family for closing costs.
I have calls out to potential lenders (including our current mortgage holder) to get rough quotes on monthly payments, but they don't seem too quick to get back to me.
Have any of you used an online calculator/ formula/ some hack, to determine mortgage payments?
We know we can afford the house, the question for us is, do the payments fall in our comfort/ acceptable zone.