Loan experts...

[SaigonK]

So the house next door to my parents is up for sale, a ranch with 3 bedrooms, perfect for me and my daughters since I have them 50% of the time, it isnt oo big that when they are not here that I am not in this huge house by myself...

Anyway, they were asking $169,000, then they dropped to $160,000 and it stayed there since last November or so....Now I see it listed for $149,000.

I was thinking of offering them $135,000 and going from there, anyone care to elaborate on the monthly payment that might be? With PMI?

 

[SaigonK]

anyone?

 

[Brutuskend]

HERE

 

[DorkBoy]

900

 

[Sluggo]

Whats the house actually worth considering its condition and everything?

Just get current rates for your area, probably around 6% or a tad less right now, and find a mortgage calculator on-line. Your parents can enlighten you on property taxes and insurance in the area, and it will be real easy to figure the full payment.

 

[dwil]

PMI? Why?
If you have to finance most of the house and can't out 20% down, then get 2 loans.
A 75 / 20 / 5
75% First
20% Second
5% cash

No PMI needed.

 

[StageLeft]

$1050 or so with PMI, but that depends on things like taxes as well, since they come out of escrow (you pay to the mortgage lender and they pay your taxes).

75% First
20% Second
5% cash

I presume an 80/15/5 would give a better number,since the second mortgage always has a higher rate.

 

[BlueWeasel]

We just closed on a house a few weeks ago...bought it for $145k with %5 down (financed $137,500 or so). For that amount, the monthly payment comes out to exactly $1050 including taxes, PMI, and insurance.

 

[HomeBrewerDude]

depending on taxes and insurance i would guess 1200 give or take 150.