Admin Table of Contents
- 1 What is the average mortgage in Massachusetts?
- 2 What is the average mortgage in Boston?
- 3 How much money do you need to buy a 500k house?
- 4 How much house can I afford if I make 55000 a year?
- 5 How much is a downpayment on a 300k house?
- 6 What credit score is needed to buy a house in Massachusetts?
- 7 Who has the best mortgage rates?
- 8 What is the lowest mortgage rate?
What is the average mortgage in Massachusetts?
In Massachusetts, for example, the average monthly mortgage payment is $1,333, according to Lending Tree. There are several variables that affect your monthly mortgage payment, including: Loan amount: The total amount you will borrow from a mortgage lender to buy your home.
What is the average mortgage in Boston?
In the Boston metro, you need to earn $92,796.90 to afford the mortgage on a home with the median price of $449,000, according to HSH’s findings. The average monthly payment – assuming a 20 percent down payment and an interest rate of 4.03 percent for a 30-year, fixed rate mortgage – would be $2,165.26.
What is the average mortgage?
Average 30-Year Mortgage Rates by State
| State | Average Rate | Range |
|---|---|---|
| California | 3.91% | 3.38%–4.88% |
| Colorado | 4.04% | 3.38%–6.25% |
| Connecticut | 3.79% | 3.38%–4.25% |
| Delaware | 3.87% | 3.38%–5.00% |
How much money do I need to buy a house in Massachusetts?
As detailed above, home buyers must have a minimum of 3 percent down payment of the purchase price. Of the 3 percent, 1.5 percent is required to be from the borrower’s own savings.
How much money do you need to buy a 500k house?
How Much Income Do I Need for a 500k Mortgage? You need to make $153,812 a year to afford a 500k mortgage. We base the income you need on a 500k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $12,818.
How much house can I afford if I make 55000 a year?
I make $55,000 a year. How much house can I afford? You can afford a $187,000 house.
How much is average mortgage a month?
The average monthly mortgage payment for a homeowner in the United States is $1,275 on a 30-year fixed mortgage. The median monthly mortgage payment is $1,609, according to the most recent data available from the U.S. Census Bureau’s American Housing Survey.
How much should I pay monthly for a house?
Most financial advisors agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt — that includes housing as well as things like student loans, car expenses and credit card payments.
How much is a downpayment on a 300k house?
If you are purchasing a $300,000 home, you’d pay 3.5% of $300,000 or $10,500 as a down payment when you close on your loan. Your loan amount would then be for the remaining cost of the home, which is $289,500. Keep in mind this does not include closing costs and any additional fees included in the process.
What credit score is needed to buy a house in Massachusetts?
640
Your credit score must be at least 640 to buy a single family or condo and at least 660 to buy a two/three family home. We also have options for people who don’t have any credit history. Agree to live in the property as your primary residence. If you stop living in the property, you must refinance out of ONE Mortgage.
What is 3 percent down on a house?
A down payment is an upfront partial payment toward the purchase of a home. Down payment requirements are typically expressed as a percentage of the sales price of the home. For example, if a mortgage lender requires a 3 percent down payment on a $250,000 home, the homebuyer must pay at least $7,500 at closing.
What income do you need for a $800000 mortgage?
For homes in the $800,000 range, which is in the medium-high range for most housing markets, DollarTimes’s calculator recommends buyers bring in $119,371 before tax, assuming a 30-year loan with a 3.25% interest rate. The monthly mortgage payment is estimated at $2,785.
Who has the best mortgage rates?
USAA – Best mortgage rates and fees combined (military only)
What is the lowest mortgage rate?
Historically speaking, anything below 4 percent is a very good mortgage rate. In today’s market, the best rates might be in the high 2 percent or low 3 percent range. Remember that the lowest mortgage rates go to borrowers with strong credit, few debts, and at least 20 percent down payment. Who has the best mortgage rates?
What are mortgage rates?
A mortgage rate is a percentage of the total loan amount (i.e. the rate of interest) paid by the borrower to the lender for the term of the loan. Fixed mortgage rates stay the same for the term of the mortgage, while variable mortgage rates fluctuate with a benchmark interest rate that is updated publicly to reflect the cost of borrowing money