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08-05-2010, 03:46 AM
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Question on Mortgage and Down payments?
I have never bought a house before and I'm looking at a house for about $420k. How much would I have to put down to pay about $1000 a month?
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08-05-2010, 08:30 AM
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For a 30 year mortgage at 5%, you would need to put down $238,000, leaving a debt of $187,000, which would have 360 payments of $1,004.You would probably have to pay $5,000 in closing costs and your payment does not include taxes or insurance which could be several hundred dollars per month.
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