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Mortgage payment? Credit Score 740

If i bought a 200k home and the seller agrees to sell it for say 180k and put 70k down payment(70k is cash on hand) could i get a total mortgage payment for under $700.00 per month.also my current home is paid off and worth about 95k. my average annual income is 42k. by peachykeen87 from Northampton, Massachusetts. Apr 21st 2011 Reply


Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions

Would need a little more information. Are you going to be selling or renting your current home? Would the new home be an investment property? If it was going to be a primary residence a payment would be close to your figure. Your rate would depend on if the property was owner occupied or an investment property. You also would have to figure tax and insurance on top of the mortgage payment. You can contact me anytime for more information or a free consultation.

Apr 21st 2011
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J Martin (jmarr91)
#10 ranked lender in Georgia - 25 contributions

Mortgage payments are based on a few factors. One factor, of course is the interest rate and term of your loan.

Apr 21st 2011
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Donald LaPlume (dlaplume)
#6 ranked lender in New Hampshire - 47 contributions

It is possible as long as you for the mortgage itself but we would need more information to answer what the payment would be. Taxes and insurance certainly would not be included in that payment though. Your current debts will need to be looked at as well. Presumably, with that much money available for a down payment you have very low consumer debts. If not the money would most likely be better applied to consumer debts. Should you have more questions or want to understand all available options and rates please feel free to email me for a Free consultation.

Apr 21st 2011
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Craig Tashjian (craigtash)
#19 ranked lender in Massachusetts - 5 contributions

Hello, I would need some more information but based on your credit score, single family home, owner occupied, 30 year fixed, the mortgage payment alone would be under $600/month plus your taxes and insurance.

Apr 21st 2011
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