Why are my monthly payments showing to be so high?

Quote from saladdin : As Bonk pointed out to me. FHA loses MI after 20% down payment. It can't be MI. Not disagreeing with going conventional. Maybe she has score issues (but 45k down would sure help)?

FHA requires PMI regardless of how much money is put down.

Quote from nizzy1115 : FHA requires PMI regardless of how much money is put down.

Don't think so.

FHA requirements include mortgage insurance primarily for borrowers making a down payment of less than 20 percent.

http://www.fha.com/fha_requiremen...urance.cfm

You sure that your property taxes are only 1.125%? That's awfully low. Heck, in my area, property taxes are 3%. That could make a big difference on your monthly payment.

Check your county assessor's website for comparable properties near you and see what they're paying for property taxes.

Edit - I just checked here:

http://www.davedowns.com/propertytaxes.htm

And I see a rate averaging around 2.5%.

So, your base mortgage of $65,000, at a 2.75% interest has a monthly payment of around $441.00 a month. Insurance at $800 a year has a rate of $66.00 a month. Property taxes on an assessed value of roughly $110,000 at a yearly rate of 2.5%, for a total of $2,750, or ~$230.00 a month.

Add all that up, and you get a monthly payment of roughly $737 a month. That's much closer to the bank's estimate of $775 a month.

Quote from ElectroWolf : You sure that your property taxes are only 1.125%? That's awfully low. Heck, in my area, property taxes are 3%. That could make a big difference on your monthly payment. Check your county assessor's website for comparable properties near you and see what they're paying for property taxes. Edit - I just checked here: http://www.davedowns.com/propertytaxes.htm And I see a rate averaging around 2.5%. So, your base mortgage of $65,000, at a 2.75% interest has a monthly payment of around $441.00 a month. Insurance at $800 a year has a rate of $66.00 a month. Property taxes on an assessed value of roughly $110,000 at a yearly rate of 2.5%, for a total of $2,750, or ~$230.00 a month. Add all that up, and you get a monthly payment of roughly $737 a month. That's much closer to the bank's estimate of $775 a month.

Just to make people feel bad. My total annual property taxes City and Count are 407 a year.

Like the OP my mortgage is 68k. My total payment is 435 ish for all. Va loan, no PMI.

Location, location, location.

Quote from saladdin : Just to make people feel bad. My total annual property taxes City and Count are 407 a year. Like the OP my mortgage is 68k. My total payment is 435 ish for all. Va loan, no PMI. Location, location, location.

yeah, you're not kidding about the 3 Ls. A 68k mortgage will get you a nice garage around me

Quote from bonkman : yeah, you're not kidding about the 3 Ls. A 68k mortgage will get you a nice garage around me

68k got me 1400 sq ft brick sitting on an acre with a 2 car covered carport.

But the median household income is 36k.

Quote from bonkman : yeah, you're not kidding about the 3 Ls. A 68k mortgage will get you a nice garage around me

complete with some rats for pets?

C'mon OP, don't leave us hanging! We want to know where the discrepancy was with your monthly payments!

OP, where are you?

Quote from ciscovpn : OP, where are you?

Check OP's past posting history. He has a history of creating a thread, and then dashing; never to return again...