What will my monthly house payment be?
This will vary, but as a rule-of-thumb, you can generally figure that slightly less than 1% of your mortgage amount will be your house payment.
This figure will change due to the interest rate available and property taxes on that particular home.
| Example: | Mortgage Amount | $70,000 |
| Approximate Monthly Payment | $700/mo |
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How much money will I need in order to buy a home?
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There are many different types of financing programs available that help you keep your initial investment to a minimum. The amount needed to get into a home varies with the type of financing you choose, but the figures below will give you a good estimate for the more popular loan programs.
Example
| Type of Loan | Estimated Initial Investment |
| VA | 0-3% of Sale Price |
| FHA | 0-5% of Sale Price |
| Conventional | 5-7% of Sale Price |
| First-Time Home Buyer | 0-5% of Sale Price |
Also keep in mind that this money can come from a variety of sources, not just a traditional savings plan (i.e.gift from a relative, loan from your 401K or insurance plan, mortgage company agreeing to pay the closing expenses, etc.).
Remember . . . These figures will vary! Call us for a more precise analysis.
