Estimated Monthly Payments for New 3% Down Mortgage – NO Mortgage Insurance

Assumptions: SFR, 720+Fico, Owner Occupied, First Time Buyer, max loan amount $417K

 


Sales Price: $425,000
  • Loan Amount: $412,250
  • Loan Type: Conventional Fixed 97% LTV
  • Interest Rate: 4.50% / 4.63% APR
  • Principal and Interest: $2,089
  • Property Taxes: $443 (Using standard 1.250% annually)
  • Home Insurance: $75 (standard fire/homeowners policy)
  • Mortgage Insurance: None!
  • Total Estimated Monthly Payment: $2,607
 
Sales Price: $350,000
  • Loan Amount: $339,500
  • Loan Type: Conventional Fixed 97% LTV
  • Interest Rate: 4.50%¬†/ 4.63% APR
  • Principal and Interest: $1,720
  • Property Taxes: $365 (Using standard 1.250% annually)
  • Home Insurance: $75 (standard fire/homeowners policy)
  • Mortgage Insurance: None!
  • Total Estimated Monthly Payment: $2,160

 

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Beau Hodson

Beau Hodson

About the Author Since 2003, Beau has been a mortgage professional and is a leading mortgage broker and lender in San Diego. As Founder and Senior Mortgage Advisor at Transparent Mortgage, he is truly committed to serving the needs of his clients and raising industry standards for integrity and transparency.