What is the monthly mortgage on 62000.00?

Answer 1

That depends heavily on the interest rate you get, the term of the loan, your property taxes, your insurance rates, and any PMI you might be required to purchase.

As an example:

a $100,000 home with a $62,000 mortgage ...

with 4% APR fixed rate

with 1.25% property tax

with $1000/yr insurance

with a 30-year term

with no PMI (probably not required with that much equity)

would result in a monthly mortgage payment of about $483.50

while

a $150,000 home with a $62,000 mortgage ...

with 5% APR fixed rate

with 1.5% property tax

with $1500/yr insurance

with a 15-year term

with no PMI (probably not required with that much equity)

would result in a monthly mortgage payment of about

Mortgage Repayment Summary $802.79.

Answer 2

The answer to this question depends on how much down, the interest rate, and what area of the country you live in. Your banker will tell you the answer.