Hello
I just started a new job and i'm thinking whether it would be a good
idea to buy a condo and build equity. Since I and my girlfriend plan to
be in the new jersey area for a while.
the question I have is how are mortgages calculated.
and what are all the fees associated with buying a house.
for a 200000 house I have a 6.25 % interest rate
mortgage+tax+ins =2700 dollars/ month
is this normal rate ?
raye sounds good, if you think you will be in house for 7 years, it
will be a "fundamentally sound move", less than 7 you run the risk of
not recouping costs, more than 7 and the possibility of price
appreciation of property should make this more appealing.
$600 for every $100K financed at 6% = $1200/month
So this means taxes + insurance are $1300/month
"shaan1980" <> wrote in message
news:
> Hello
> I just started a new job and i'm thinking whether it would be a good
> idea to buy a condo and build equity. Since I and my girlfriend plan to
> be in the new jersey area for a while.
>
> the question I have is how are mortgages calculated.
> and what are all the fees associated with buying a house.
>
> for a 200000 house I have a 6.25 % interest rate
>
> mortgage+tax+ins =2700 dollars/ month
>
> is this normal rate ?
>
shaan1980 wrote:
> Hello
> I just started a new job and i'm thinking whether it would be a good
> idea to buy a condo and build equity. Since I and my girlfriend plan to
> be in the new jersey area for a while.
>
> the question I have is how are mortgages calculated.
> and what are all the fees associated with buying a house.
>
> for a 200000 house I have a 6.25 % interest rate
>
> mortgage+tax+ins =2700 dollars/ month
>
> is this normal rate ?
Time to find out each amount and type of mortgage.
$200,000 borrowed, 30 year fixed at 6.25% = $1,232/month
I don't know the NJ property tax rate or your LTV, but I saw an example
that leads me to believe it would be around $135/month.
I'll guess insurance at $50/month
So this would be $1417/month.
Maybe NJ property tax rates are really brutal.
Find out each amount separately.
There are bunches of fees for buying a condo. Ask a real estate agent
for an example.
"shaan1980" <> wrote in message
news:
>
> for a 200000 house I have a 6.25 % interest rate
>
> mortgage+tax+ins =2700 dollars/ month
>
> is this normal rate ?
It seems like way too much for taxes and insurance. Shop around! I am not
sure if you mean the insurance is part of the "package," but you will
probably do better if you deal with a lender for a mortgage only and shop
elsewhere for insurance. (And shop around for mortgages too.)
In article <>,
"shaan1980" <> wrote:
> I just started a new job and i'm thinking whether it would be a good
> idea to buy a condo and build equity. Since I and my girlfriend plan to
> be in the new jersey area for a while.
> mortgage+tax+ins =2700 dollars/ month
Don't forget to add in condo fees to cover the building
upkeep and building services. Also, I didn't see any
mention of your down payment. Buying in with nothing
down is possible, but it is very silly to even consider
it when you are buying at the top of a real estate bubble.
-john-
--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========
shaan1980 wrote:
> Hello
> I just started a new job and i'm thinking whether it would be a good
> idea to buy a condo and build equity. Since I and my girlfriend plan to
> be in the new jersey area for a while.
> the question I have is how are mortgages calculated.
> and what are all the fees associated with buying a house.
> for a 200000 house I have a 6.25 % interest rate
> mortgage+tax+ins =2700 dollars/ month
> is this normal rate ?
Sounds way too high. I pay $1500/month plus small association fee for a
$200,000 house here in eastern PA (looks like jus across the river from
you guys;-)). I heard insurance is high in NJ, but not THAT high!
This is 30y
Cheers!
D.
-------------------------------------
##-----------------------------------------------##
Delivered via
Your home, its financing and everything about it
no-spam access to your favorite newsgroup -
misc.invest.real-estate - 2022 messages and counting!
##-----------------------------------------------##
The mortgage payment would be $1847.15
Prop. Taxes approximately $300 per month
Maintenance $400 per month
Mortgage Insurance of $240 per month
Total payment - $2787
ok heres a question . I was using yahoo calculators to check out the
amount of interest paid in 30 years for a 300k loan at about 5.5%
we end up paying a interest of about $303k. thats like 100% interst on
the loan in 30 years . why buy a house then ?? whats the catch here
>raye sounds good, if you think you will be in house for 7 years, it
>will be a "fundamentally sound move", less than 7 you run the risk of
>not recouping costs, more than 7 and the possibility of price
>appreciation of property should make this more appealing.
So seven years is the magic number?