Mar 092010
Imagine this is my home of 30 million down payment of 30,000 yuan (10%) the value of example. What is the monthly mortgage payment plus (monthly) the property tax? If the path will affect the property tax, so please answer the interval. 谢谢.
thanks for the giggles.
property taxes are as wide as a politicians lies. and vary as much.
a 300K house is a mansion in one section of country and a tool shed in another place .
u need better info in ur ‘?’ for real answer.
same variable apply in mortgages.
Mortgage depends on the interest rate you are quoted. Property tax depends where you live, don’t forget insurance too.
Okay I will try to give you some examples -
Lets say you have an interest rate of the national average: 6.31% for a fixed rate loan. Lets also say that your property tax rate is around 1.5% (it varies, some areas are as high as 3%). Lets also say that the interest and taxes are included in your payments.
The mortgage payments alone (principle and interest) would be $1796.91.
Your taxes and insurance are usually pretty close. Your taxes would be $375, and your insurance would probably be somewhere around $150 depending on how much and what kind of policy you have.
Therefor, total monthly payment would be: $2321.91.
Some quick pointers – this is what your payments will look like with a conventional loan. Millions of people are facing the possibility of foreclosure because they used unconventional loans and are upside down on the value, and can no longer affford the payments. Ask your self these questions to keep you out of trouble: Am I buying a house that is less than 3X my houshold annual income? Am I living within 65% of my income? Will my payments be 35% of my income or less? Have I saved up a 20% down payment? Do I have 6 months of living expenses saved up on top of that.
If the answer is no to any of the above, then you may want to rethink your purchase decision.
check out this website http://www.bankrate.com/brm/amortization-calculator.asp
you can enter $ amt for mtg and term, etc. Property taxes will vary greatly town to town & state to state. To get an idea of property taxes in a particular town check out realtor.com and look at homes priced at $300,000 in the town(s) you are looking to purchase in to get an est. of property taxes, If you are only putting 10% down you can expect to pay PMI (private mortgage insurance) or a higher interest rate. The interest rate you are charged will be based on a number of factors as well. Your credit score (the higher your credit score the better rate you will receive), down payment, term, points paid (1 point is equal to 1% of the loan amount), etc… I know this hasn’t answered your question completely but perhaps it will point you in the right direction.
The $300,000.00 is a constant whether you buy a shack or a mansion
The 10% down payment is a constant as well (In this case $30,000.00)
Variables include the interest rate, the term of the loan (how long you take to pay it back for instance: 20 yrs, 30 yrs, 40 yrs) and the local taxes (these may vary over the life of the loan, usually they go up not down).
The interest rate as a variable is like this:
Today if you to apply for the $270,000.00 loan you would pay 5.655%
If during the last term of the last Democratic President you would have been paying closer to 10.324%
SO as you can see to estimate a mortgage range for you takes into account some variable information you have not supplied. (i.e. rate per thousand for tax levey.)
By the way there are some good online mortgage computation tools that will let you do some “What if” calculations.
Good luck.