What would be the monthly mortgage payment on a $190k condo?

If I have bad credit, and do a no-docs loan? 10% mortgage?

I pay $1000/month in rent, so i want to see if it's worth buying.

What would be the monthly mortgage payment on a $190k condo?

Every borrower has a unique situation. First off, no docs may not be what you have to go. You may be going on a no income verification program but no doc refers to no job, no income, no assets, nothing but credit and rental history. Nowadays lenders have SO many programs where you do not need to show tax returns, w2閳ユ獨 and what not. They have programs where you can show your 1099 and that counts as your income (for self employed borrowers) and other lenders will ask for 6 or 12 months of bank statements, add up the deposits only, and count that as your income. Why should you bother instead of going no income verification? BETTER RATES, HIGHER LOAN TO VALUE. So do not ever assume you must go 閳ユ笜o doc閳?or any doc type. If you deal with a good mortgage broker, they should be able to go over all different programs and determine what suits YOU best. Most of all, educate yourself.

What would be the monthly mortgage payment on a $190k condo?

What are the taxes? Insurance? Principal? need more info please.

What would be the monthly mortgage payment on a $190k condo?

Your Monthly Payment for 30 Years

for an Interest Rate of 10.000 %

on a Loan Amount of $ 190,000.00:$ 1,667.39 a Month

What would be the monthly mortgage payment on a $190k condo?

190,000 at 10 percent = 1667.39 just Principle and Interest, not counting taxes and insurance

Shop with a Mortgage Broker for a lower interest rate (ok) since a NO Doc is higher in rate. Is your middle score higher than 580 or lower?

What would be the monthly mortgage payment on a $190k condo?

It depends on what the interest rate will be and what taxes and insurance are in that area.

What would be the monthly mortgage payment on a $190k condo?

Assuming you put down the usual 20% down payment of :

(.20) * 190,000 = 38,000$

Then your loan amount is actually going to be 152,000$. Possibly slightly higher depending on if you roll other costs into the loan.

A 152,000 loan at 10% has a monthly payment of 1334$.

10% sounds like a real rip to me though, and some loan officers are compensated by how high a rate they can get the lender to pay. Check out a site like www.bankrate.com to find lenders in your area, and go back and forth between a few lenders, even with bad credit 10% is a rip IMO.

What would be the monthly mortgage payment on a $190k condo?

what are your credit scores?

What would be the monthly mortgage payment on a $190k condo?

Mortgage on $190,000. is $1,667.39 per month (30-year fixed @ 10%)

Other costs to be considered:

Monthly Condo Assessment:

With a condo there is usually no direct insurance payment it is generally part of the monthly assessment or maintenance fee, because all condominium associations have to carry general liability insurance for the entire property under the association.

Also, you may want to check what other expenses are covered by your condo assessment, i.e. trash removal, water, heat, lawn care, etc. if not included, those items should be added to the monthly cost to own.

Property Taxes:

Look this up with your county's assessor to see what they are, if there is a real estate agent involved, just ask them.

Divide that amount by 12 and add it to the monthly totals.

Private Mortgage Insurance:

This will probably be added to your monthly payment, ask your lender for help determining this amount. Guessing about $100 per month might cover it.

It sounds like your housing payment will at a minimum double, with these numbers.

The flip side would be if you spend $2,000 per month on housing paymets towards ownership you will have gained equity of about $20K at the end of 3 years or 36 months.

(assumes an approximate modest 3% annual appreciation, which probably could be higher) which translates into approx. $556. per month in equity.

Also at the end of three years or 36 months you have spent $36K more than you would have if you keep renting at $1,000 per month. Which is less than the equity you may gain.

So the answer to me is, if you purchase the property and stay there long enough, yes, it would be worth it. Otherwise no it's not worth it unless you buy a less expensive home.