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How much do you think my house payment will be (1st time buyer)

our credit score is in the low 600's this will be the first time we buy a home so what do you think our payment will be? the house is $153k

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Asked by chica679 at 12:37 PM on Jul. 6, 2010 in Money & Work

Level 16 (2,792 Credits)
Answers (9)
  • That depends on your down payment, interest rate, taxes, and insurance.

    Answer by Erin814 at 12:38 PM on Jul. 6, 2010

  • Are you putting money down? What are your taxes? What's your interest rate? What's the life of your loan?

    It's impossible to tell without those pieces of information.

    Answer by UpSheRises at 12:39 PM on Jul. 6, 2010

  • I agree with Erin, but you can look it up online, there are a bunch of sites that can help figure this.

    Answer by FatGirl239 at 12:40 PM on Jul. 6, 2010

  • I agree with Erin184
    But I had a 620 score when I bought my 1st house for $187K and 3% down. My Mortgage is 1300$/mo

    Answer by ABusyBee at 12:40 PM on Jul. 6, 2010

  • My guess is around $1,400. But I really don't know for sure.

    Answer by mompam at 12:46 PM on Jul. 6, 2010

  • Oh lord I want to get a house built for 150,000 and the payment I am seeing is a lot!!

    Answer by mamaofficer at 12:49 PM on Jul. 6, 2010

  • If you were to buy that house here in SC, with an "average" interest rate, and a 10% DP - you'd be looking at about $900-$1000 a month ish...

    Answer by MunchiesMom324 at 12:53 PM on Jul. 6, 2010

  • Listen, NO matter what you are approved for, you'd be UNwise to buy anything where the payment is more than 25% of your gross income.
    So between your monthly mortgage payment, taxes and insurance (which really vary from place to place) you can safely OVER estimate a monthly payment at $1500 total. Therefore $1500X12=$18,000 and if that was 25% of your gross income then your total gross income should be $72,000 in order to live comfortably and to pay ALL other bills adequately.

    Many years ago banks would not loan out over 25% of your gross income in order to ensure payments. With the recent real estate boom and crash, banks were lending people out up to 42-48% of their gross income. So that was leaving people just over 50% of their income to pay ALL other bills BUT it's not the banks fault. People need to take responsibility for what they purchase. ACT YOUR WAGE and you'll be fine!

    ~Shannon- house flipper

    Answer by antivaccinemom at 1:55 PM on Jul. 6, 2010

  • We'll need more info like the PP said. It will depend how much you put down, what your interest rate is, and how much you have for homeowner's insurance and property taxes. If you google "mortgage calculator" or "house payment calculator" you can probably find something. To get a low monthly payment, you want a big down payment (20%ish), low property taxes, low interest rate, and inexpensive home owners insurance.

    Answer by SherriPie at 10:27 PM on Jul. 6, 2010

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