Great news! Over the years new innovative loan programs have evolved which require little down payment; as much as 5 percent or less! In fact, several programs now allow purchasers to buy real estate with nothing down.
In addition to a down payment, buyers also need money for closing costs. Several newly emerging loan programs not only allow the purchase of a new home with no money down, but also include the closing costs in the loan.
However, not everyone elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most homebuyers choose to buy with some cash up front.
In markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses. Contact us for details.
Use the following to chart to determine your monthly principal and interest payments at various interest rates for either a 15 or 30-year term.
|
Interest Rate Factors Per $1,000 |
||
| Interest Rates |
Term 15 Years |
Term 30 Years |
| 4 % | $7.40 | $4.77 |
| 4 ¼ |
$7.52 | $4.92 |
| 4 ½ |
$7.65 | $5.07 |
| 4 ¾ |
$7.78 | $5.22 |
| 5 % | $7.91 | $5.37 |
| 5 ¼ |
$8.04 | $5.52 |
| 5 ½ |
$8.17 | $5.68 |
| 5 ¾ |
$8.30 | $5.84 |
| 6 % | $8.44 | $6.00 |
| 6 ¼ % |
$8.57 | $6.16 |
| 6 ½ |
$8.71 | $6.32 |
| 6 ¾ |
$8.85 | $6.48 |
| 7 % | $8.99 | $6.65 |
| 7 ¼ |
$9.13 | $6.82 |
| 7 ½ |
$9.27 | $6.99 |
| 7 ¾ |
$9.41 | $7.16 |
| 8 % | $9.56 | $7.34 |
| 8 ¼ |
$9.70 | $7.51 |
| 8 ½ |
$9.85 | $7.69 |
| 8 ¾ |
$9.99 | $7.87 |
| 9 % | $10.14 | $8.05 |
| 9 ¼ |
$10.29 | $8.23 |
| 9 ½ |
$10.44 | $8.41 |
| 9 ¾ |
$10.59 | $8.59 |
| 10 % | $10.75 | $8.77 |
| 10 ¼ |
$10.90 | $8.96 |
| 10 ½ |
$11.05 | $9.15 |
| 10 ¾ |
$11.21 | $9.33 |
| 11 % | $11.36 | $9.52 |
| 11 ¼ |
$11.52 | $9.71 |
| 11 ½ |
$11.68 | $9.90 |
| 11 ¾ |
$11.84 | $10.09 |
|
An Example |
| Interest Rate = 5 ¾ |
| Desired term = 30 years |
| Interest rate factor per $1,000 = 5.84 |
| Mortgage = $175,000 |
| Monthly Principal & Interest = $1,022 (5.84 x 175) |
Add your monthly insurance premium and your property tax to your principal and interest to determine your total monthly payment.
We are providing this information as a guide. We strongly recommend that you contact our mortgage specialist.
In a Maine real estate transaction through a REALTOR, the SELLER pays the commission for the BUYERS!
Combine the advantage of a special loan program with the commission paid buy the seller and you could close on your new Maine property with little to no money.
Questions?...Contact us
More than just the home, it’s important to think about the type of neighborhood that is right for you.
Consider the following:
Specific streets you like
Areas you would enjoy
School district(s) you prefer
Your work location(s)
Your favorite shops/conveniences
Recreational facilities you enjoy
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Meservier & Associates of Keller Williams Realty Mid Maine 34 Center St. Auburn, Maine 04210