Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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OP, where are you?
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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25 Replies
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Check OP's past posting history. He has a history of creating a thread, and then dashing; never to return again... :whee:
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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C'mon OP, don't leave us hanging! We want to know where the discrepancy was with your monthly payments! :whee:
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Property taxes, homeowners insurance, flood insurance if applicable.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Thinking about buying a house
purchase price 110k
Down payment 45k
Interest rate 2.75%
Loan is FHA
Monthly payment estimated by bank 775 a month
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Just look at your good faith estimate and other paperwork to see the added costs. Because of the whole housing fiasco over the last few years, they made the forms pretty simple to trace. I just...
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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I agree. Its FHA which has the PMI. Go the conventional route since you have enough down payment.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Sounds like PMI.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Not when their LTV is 60%.
Ever think zillow is wrong? Try using a different calculator, say from a different bank.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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100% right about the LTV. missed that.
I wonder if the bank forgot to take off the MI payment portion.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Why would you be doing and FHA loan with such a large down payment?? Do a conventional loan and skip out on PMI.
My calculations show that your Principal and Interest payments should be $441.10...
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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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)?
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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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,...
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Ask to see the good faith estimate.
As others have stated :property taxes, home owners insurance, flood insurance.
MIP-mortgage insurance-with the down payment, you should be able to opt out, but...
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Looks like you are doing 15 years.
this is basic homebuying expense. MI, insurance and property taxes is my guess.
This is just the beginning when it comes to ongoing expenses with a house....
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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68k got me 1400 sq ft brick sitting on an acre with a 2 car covered carport.
But the median household income is 36k.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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complete with some rats for pets? :lol:
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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OP is my mom?
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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zillow includes home owners insurance at 800/yr as well as property tax rate of 1.125 which is close if not almost exact to my area
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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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...
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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FHA requires PMI regardless of how much money is put down.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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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_requirements_mortgage_insurance.cfm
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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It's possible. If so, it should be quite clear in the cost breakdown. With my two different mortgage companies that I've dealt with, they always have broken down payments in terms of principal,...
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Right again. If she looks at the 2 breakdowns it should be easy to figure out.
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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yeah, you're not kidding about the 3 Ls. A 68k mortgage will get you a nice garage around me :lol:
Why are my monthly payments showing to be so high?
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Thread created 01-27-2013 by PRINTABLECOUPON
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Are you financing any closing costs that would account for the higher monthly payment?