Typically if we consider a conventional loan with a lean on the collateral (mortgage) The person or establishment that gives the loan wants to be certain that the collateral is sufficient to reimburse them if the borrower defaults. 20% is the desired number. 20% provides sufficient cushion to insure the lender of being repaid therefore there is no need for additional insurance.
The following items are costs that may appear at closing (settlement). Some item may be allowed to be included in the loan. Many items are due only if there is a loan (as compared to paying cash). Some items are due or changes depending upon what state the transaction is taking place.
On average, buyers pay roughly $3,700 in closing fees. Your lender should give you a Estimate for your loan, which will include what the closing costs on your home. Remember these are just an estimate. Some of these fees are negotiable with the lender and who pays what with the seller prior to closing.
What is the interest rate? The interest rate will vary depending upon your credit score plus what the market allows (or will bear). The rate with conventional lenders have a relationship with the prime rate. The advertised rate may not reflect the rate that you might pay thus use this calculator only as a guide.
The results of this loan payment calculator are for comparison purposes only. They will be a close approximation of actual loan repayments if available at the terms entered, from a financial institution. This is being provided for you to plan your next loan application. To use, enter values for the Loan Amount, Number of Months for Loan, and the Interest Rate (e.g. 7.25), and click the Calculate button. Clicking the Reset button will clear entered values.The results of this loan payment calculator are for comparison purposes only. They will be a close approximation of actual loan repayments if available at the terms entered, from a financial institution. This is being provided for you to plan your next loan application. To use, enter values for the Loan Amount, Number of Months for Loan, and the Interest Rate (e.g. 7.25), and click the Calculate button. Clicking the Reset button will clear entered values.
The results of this loan payment calculator are for comparison purposes only. They will be a close approximation of actual loan repayments if available at the terms entered, from a financial institution. This is being provided for you to plan your next loan application. To use, enter values for the Loan Amount, Number of Months for Loan, and the Interest Rate (e.g. 7.25), and click the Calculate button. Clicking the Reset button will clear entered values.
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Costs will vary depending on the size, condition and location of the house,
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Insurance. | Before you can get a mortgage, most lenders will require you to show proof of homeowners insurance. The average premium was $729 in 2004 -- the latest figure available from the Insurance Information Institute.
if you live along the coasts, you'll have to pay a high price for being in a hurricane-prone area. You also will have to pay extra for flood coverage if you live in a flood plain. |
| Property taxes. | Property taxes are based on the value of your home. Comparisons Compared by state. New jersey towns, rates |
| Utilities | Gas Electric Water Sewage local Sewage county level (in some areas ) |
| Appliances | Initial costs Repair or replacement costs as per needed |
| Furniture | Quality compared to quantity |
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House repair and maintenance | roof 25 years? shorter or longer if direct sun or kept cool (weather ) paint: interior and exterior. Exterior is most important for weather protection. Driveway, snow? shoveling? coating? Yard Care: mowing, seed sod, fertilizer, mower maintain or replace |
| Pest control | Hopefully not the neighbors termites? squirrels snakes cockroaches |
| Improvements | new kitchen, bath, best to do improvement while you can enjoy them if you wait till you are ready to sell perhaps the improvement and maintenance must be done to attract a buyer or please an inspector, yet might not dollar for dollar improve the sales price |