Question by Ilovemyvw: With interest rates being as low as they are, how much of a mortgage payment can I expect?
I owe 61K on house I got through divorce settlement and want to consolidate that loan with a home improvement loan with a balance of 12k. Then I want to refinance for a 25 to 30 year loan. Roughly, what can I expect as a monthly mortgage payment? I am hoping I can consolidate and refinance. If so, a smaller monthly mortgage payment would work best with my budget.
Answer by i + i
The interest rate you can get will depend on how
credit worthy you are. If you have a bad credit
score, the rates probably won’t be that great.
The actual value of the home will also be a big
factor… e.g., if the home was worth 250,000
versus if the home was worth 75,000. Below
is a link to a fairly good mortgage calculator.
Plug in your numbers and it will tell you what
the monthly will be. It also shows you what
it would be if you paid bi-weekly (which is a
VERY good idea — you end up paying much
less on the interest).
Give your answer to this question below!