Posted on: 22nd Nov, 2008 08:57 pm
I 'd like to buy a home.
purchase that house is $165 000.00
the seller owner cc paid $ 4 950.00
I already deposite on sale contract $ 1 000.00
so I subtract 165000-4950-1000= $159050.
also I wanted to dowm 5% for this purchase.
My question is How much the total loan amount I need to borrown .
Someone at morgage made a estimated laon for 30 yrs and he gave me the total loan $159 050.00.
I'm confuse his estimated, because I down 5% for this purchase.
I 'd like to know if i have to subtract my 5% dowm payment on $ 159 050.00
I'm really appreciate if you can help me.
thank you very much.
purchase that house is $165 000.00
the seller owner cc paid $ 4 950.00
I already deposite on sale contract $ 1 000.00
so I subtract 165000-4950-1000= $159050.
also I wanted to dowm 5% for this purchase.
My question is How much the total loan amount I need to borrown .
Someone at morgage made a estimated laon for 30 yrs and he gave me the total loan $159 050.00.
I'm confuse his estimated, because I down 5% for this purchase.
I 'd like to know if i have to subtract my 5% dowm payment on $ 159 050.00
I'm really appreciate if you can help me.
thank you very much.
Hi ncokojheev!
Did you inform the mortgage lender that you will be paying a 5% down-payment for the property? I guess you haven't.
The 5% down payment will be deducted from the purchase price of the property i.e $165000.00. You can also check out the below mentioned calculator which will help you to know how much you need to borrow:
http://www.mortgagefit.com/calculators/howmuch-borrow.html
Thanks
Did you inform the mortgage lender that you will be paying a 5% down-payment for the property? I guess you haven't.
The 5% down payment will be deducted from the purchase price of the property i.e $165000.00. You can also check out the below mentioned calculator which will help you to know how much you need to borrow:
http://www.mortgagefit.com/calculators/howmuch-borrow.html
Thanks