Are you considering buying a home in the beautiful Tampa Bay area? Let’s break down the monthly mortgage rates and costs associated with a typical home purchase to help you make an informed decision. Below Assumptions were made depending on average home price with 20% down at 7% interest rate. Escrow, Taxes, Insurance are assumptions /estimates only (not exact numbers) . These numbers can be lot lower or higher depending on interest rates /Taxes /Insurances in certain areas.
Let us say your :
- Purchase Price: $400,000
- Down Payment: 20% ($80,000)
- Annual Property Taxes: $4,000
- Annual Insurance: $4,000
- Monthly Condo/HOA Fee: $200
Closing Cost estimates:
- Closing Costs: $10,000
- Escrow: $12,000
- Earnest Money: $2,000
- Seller Paid Costs: $6,000
Mortgage Estimates:
- Loan Amount: $320,000
- Interest Rate: 7%
- Loan Type: Conventional
- Loan Term: 360 months (30 years)
Monthly Payment Estimates:
- Principal & Interest: $2,128.97
- Property Taxes: $333.33
- Hazard Insurance: $333.33
- Association Fee: $200
Total Estimated Monthly Payment: $2,995.63
Cash May be Required at Closing: $94,000
Buying a home is a significant investment, and understanding the costs involved can help you plan better. If you’re a first-time buyer, investor, or looking to move to a new home, feel free to reach out for personalized assistance and make your home buying journey smooth and stress-free.