How much mortgage is too much
Here in Georgia, if you are looking to purchase a home for 1000,000; the cost of the home purchase would look roughly like this (example below) or How much mortgage is too much
Purchase price: 1,000 k +20% Down-payment+30-yrs amortization+4.25 interest=
Dollar Amount Financed: $700,000
Monthly Mortgage Payment: $700,000 x 4.5%= $3,150 per month
Annual Loan Cost:$3,150 x 12= $37,800
Taxes: 1.25 x $700,000= 8,750 annually or $729 per month
Their are other costs to be consider i.e,, The transaction costs, title insurance, financing costs/points, documentation fees, recording fees, home inspections, moving, maintenance costs, homeowners insurance, etc, etc, but at $1000,000, you're still going to be paying less than 5K per month. If we can be provide assistance, feel free to contact us Being A Realtor .
Purchase price: 1,000 k +20% Down-payment+30-yrs amortization+4.25 interest=
Dollar Amount Financed: $700,000
Monthly Mortgage Payment: $700,000 x 4.5%= $3,150 per month
Annual Loan Cost:$3,150 x 12= $37,800
Taxes: 1.25 x $700,000= 8,750 annually or $729 per month
Their are other costs to be consider i.e,, The transaction costs, title insurance, financing costs/points, documentation fees, recording fees, home inspections, moving, maintenance costs, homeowners insurance, etc, etc, but at $1000,000, you're still going to be paying less than 5K per month. If we can be provide assistance, feel free to contact us Being A Realtor .
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