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Office Location 18902 89th Ave E
Puyallup, WA 98375
Phone: (253) 820-2745
Fax: (253) 320-2102

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Price Range and Home Prices

Posted by Brett Tousley on Sunday, September 27th, 2009 at 8:51am.

I asked one of the local lenders we work with to prepare a simple post to help you determine which price range is right for you to buy in based upon payment.  As usual Ron has over achieved and provided you with a detailed comparison of 3 popular mortgage payments and their corresponding price ranges including taxes and mortgage insurance where applicable.

 

It's important to point out that while these hypothetical examples are quite detailed, each situation has it's own variables.  Rates, terms and availability of financing can change daily.  The examples are for general information and should be verified independently by your mortgage professional. 

 

$1,000 Total Monthly Payment Equals:

               

$150,000 Loan without PMI

                $150,000 Loan @ 5.25%                                   =   $828 Principal & Interest Pmt.

                $150,000 Value Est. Property Tax*                                =   $144

                Estimated Property Insurance                          =     $30

                                                                                                = $1,002 Total Housing Payment

 

$140,000 Loan with PMI

                $140,000 Loan @ 5.25%                                   =   $773 Principal & Interest Pmt.

                $140,000 Value Est. Property Tax*                 =   $134

                Estimated Property Insurance                          =     $30

                Private Mortgage Insurance**                          =     $64

                                                                                                = $1,001 Total Housing Payment

 

$1,500 Total Monthly Payment Equals:

 

$225,000 Loan without PMI

                $225,000 Loan @ 5.25%                                    = $1,242 Principal & Interest Pmt.

                $225,000 Value Est. Property Tax*                  =    $216

                Estimated Property Insurance                            =      $45

                                                                                                  = $1,503 Total Housing Payment

 

$210,000 Loan with PMI

                $210,000 Loan @ 5.25%                                    = $1,160 Principal & Interest Pmt.

                $210,000 Value Est. Property Tax*                  =    $201

                Estimated Property Insurance                           =      $45

                Private Mortgage Insurance**                           =      $96

                                                                                                = $1,502 Total Housing Payment

 

$2,000 Total Monthly Payment Equals:

 

$300,000 Loan with PMI

                $300,000 Loan @ 5.25%                                    = $1,657 Principal & Interest Pmt.

                $300,000 Value Est. Property Tax*                  =    $288

                Estimated Property Insurance                           =      $60

                                                                                                = $2,005 Total Housing Payment

 

$280,000 Loan with PMI

                $280,000 Loan @ 5.25%                                   = $1,546 Principal & Interest Pmt.

                $280,000 Value Est. Property Tax*                 =    $268

                Estimated Property Insurance                          =      $60

                Private Mortgage Insurance**                          =    $128

                                                                                               = $2,002 Total Housing Payment

 

*     Property Tax Estimates calculated at a 1.15% tax rate.

**   Private Mortgage Insurance calculated using FHA Standard .55%

 

Loans without Private Mortgage Insurance (PMI) required include VA, USDA Rural Development, or Conventional w/20% down.  VA & USDA loans involve a Funding Fee that can be included in the total loan amount.  For more specific information consult a qualified lending professional.

 

Loans with PMI required include FHA, and Conventional loans with less than 20% down

 

Ready to finance your new home? 

Contact Ron Brown @ 253-881-4699

 

Still Researching your next purchase?

Visit our finance page for more real estate information and our online mortgage calculator.

 

Brett Tousley is the designated broker and owner of NW Home Brokers.  He can be reached at 253-820-2745 or broker@nwhomebrokers.com

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2 Responses to "Price Range and Home Prices"

Judy Markowitz wrote:
Very informative!

Posted on Tuesday, September 29th, 2009 at 9:22am.

Brett Tousley wrote:
Thanks Judy! We're lucky enough to have found a couple of great local lenders to help our clients with their finance needs.

Posted on Thursday, October 1st, 2009 at 1:21am.



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