Mortgage rate - monthly payments?

Kavan Lee asked:


My situation: 950K purchase price, and I’m putting 300K down (loan principle is about 650K). FICO is 776. 30 years, with 5 years fixed. No points. My mortgage is at 6.125%.

My questions:
1. Assuming tax/insurance of about 1100/month, what would my monthly payment to the bank be?
2. How good is this deal?

Thanks!

Dolores

Tags: 300k, Mortgage Rate, Principle

This entry was posted on Monday, May 25th, 2009 at 9:07 pm and is filed under Mortgage Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “Mortgage rate - monthly payments?”

1. breva629 Says:
   May 28th, 2009 at 7:17 pm

   Wendy

   With a credit score like yours, and the size of your down payment,do not, under any circumstances go in to an adjustable rate mortgage.
   Your score qualifies you for a rate no higher than 6.5% FIXED.

2. Carolinahomerates.com Says:
   June 1st, 2009 at 2:47 am

   Carla

   taxes/insurance are paid with the mortgage….unless you decide not to escrow. You havent stated if it’s an Interest Only ARM or a regular ARM.

   the rate is very good…..sounds TOO good to be true.
   with no points? sounds like someone is offering you the deal for FREE. most loans include an origination fee.

   conforming loans are at 6.125-6.25% with 1 origination fee….I highly doubt the lender is offering 6.125% with no points

3. ii7-V7 Says:
   June 3rd, 2009 at 5:55 pm

   Anita

   Principal and Interest Payment would be $3950 plus your $1100 taxes and insurance for a total of $5150. I have a morgage calculator on my website. You can check the figures for yourself. Go to and on the left hand side select “Calculators.”

   I have to agree that 6.125% sounds too low. Jumbo Rate are hovering right around 7% right now. 6.5% is a great rate for a Jumbo 5/1 ARM right now….so 6.125% sounds a bit fishy.