Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

House Payment

I want to get a house built for $150,000 what do you estimate my payment would be? I want to try and put 50 grand for the down payment. I know it depends on my credit that's why I said estimate!

Answer Question

Asked by mamaofficer at 2:30 PM on Jul. 2, 2010 in Home & Garden

Level 31 (50,120 Credits)
Answers (7)
  • $100,000 over 30 years at 7% interest would be around $650-$700/monthly.

    Answer by Erin814 at 2:33 PM on Jul. 2, 2010

  • So you are looking at a mortgage of $100,000. The payment really depends on the interest rate you'll get, and property taxes, for that would most likely be included in the monthly payment. Try a site like They usually have mortgage calculators you can play with.


    Answer by KairisMama at 2:33 PM on Jul. 2, 2010

  • This is the coolest website--check it out, you can do all sorts of stuff to figure out payments.


    Answer by vicesix at 2:34 PM on Jul. 2, 2010

  • It depends on the interest rate & insurance costs that will be added it. Insurance is based on the construction of your house (brick, brick veneer, frame, etc.) and the replacement cost of it. I would estimate it at $1500 per month. Oh, and don't forget your friendly TAX MAN, LOL!

    Answer by doodlebopfan at 2:34 PM on Jul. 2, 2010

  • Do you know your IR? How much insurance you will be paying? it all adds up even if the you calculate around $800 a month, it's not the real number.

    Answer by LoveRed71 at 2:35 PM on Jul. 2, 2010

  • Based on the property tax rates where I live (TX) and assuming a 5% lending rate, I come up with $1000 to $1100 per month. I'm assuming you will pay property taxes and insurance through escrow.

    I did receive an e-mail just today saying mortgage interest rates this week fell to all-time lows ranging from 3.75% to 4.5%.

    Answer by TweenAndTwinMom at 2:51 PM on Jul. 2, 2010

  • There's a lot of variables to consider when trying to figure out a mortgage payment.

    Based on what your home is appraised at and your down payment, that will set your interest rate. Putting 50K down on a 150K house is a GREAT's a 33% downpayment, giving you instant equity in the property. You'd probably get a REALLY low interest rate, I'd figure 4.5% at the highest end. Also, you'd have to take into consideration your property taxes. Here, the taxes are really low. for a 1500-1900 sq ft home, it runs about $1100 per year. By my calculations, the mortgage, including property tax and insurance in THIS area would be approximately $600 per month for a $100K mortgage. You can plus or minus $50-$100 depending on taxes in your area.

    Answer by mainemusicmaker at 8:25 AM on Jul. 4, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.