The answer would depend on your credit, income, and assets. Higher credit scores will mean lower APRs and therefore lower payments. Also, higher income or offering collateral on the home (collateral would something, in addition to the mortgaged home, which the bank could take from you if you default) would lower your APR and get you lower payments. The only way to find out for sure would be to go to a lender and apply for a home loan. DSB
For a 30-year loan, the monthly payment will be $1,266.71
Equity is value in an item over and above what is owed. If you have a $250000 home and owe $250000 then you have no equity to borrow. If you owe $100000 then you have $150000 equity that you may be able to borrow against.
The average down payment for a home loan is often twenty percent of the purchase price. For example a down payment on a home of $200,000 would be $40,000.
It is not possible for someone with bad credit to obtain a home loan with no down payment. They would need to have a 5% minimum down payment and collateral.
Rs. 250000
For a 30-year loan, the monthly payment will be $1,266.71
It depends on the economy and where the house is.
Equity is value in an item over and above what is owed. If you have a $250000 home and owe $250000 then you have no equity to borrow. If you owe $100000 then you have $150000 equity that you may be able to borrow against.
The average down payment for a home loan is often twenty percent of the purchase price. For example a down payment on a home of $200,000 would be $40,000.
That would be (250000/100) x 40 = 2500 x 40 = 100000
80% of 250000 = .8 * 250000 = 20000
It is not possible for someone with bad credit to obtain a home loan with no down payment. They would need to have a 5% minimum down payment and collateral.
8% of 250000 = 250000*8/100 = 20000
3.5% of 250,000= 3.5% * 250000= 0.035 * 250000= 8,750
70% of 250,000= 70% * 250000= 0.7 * 250000= 175,000
Rs. 250000
Get 250000 what?