How much monthly morgage will you pay on a two million dollar house.?
How much monthly morgage will you pay on a two million dollar house.
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Posted on
10/12/09 Total Answers
2
Answers-
Depends on the length of the loan, the interest rate, the downpayment, and taxes. You can guess using this calculator.
http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
Answer by :
Jessica C On Date
2009-10-12 19:01:49
That depends on the size of your down payment and the type of loan. These two factors will determine the interest rate. For example, if you put the typical 20% down, then the loan would be for $1,600,000. You can get a 30-year loan, a 15-year loan, a regular adjustable rate mortgage (ARM), a *5/1 ARM, a 7/1 ARM, a 10/1 ARM, or even an interest-only loan. The location of the house and your credit score will also influence the interest rate. Additionally, a mortgage on a vacation property (second home) usually has a higher interest rate than a mortgage on a primary residence.
Mortgages above $417,000 are called jumbo. According to http://www.mortgageloan.com/jumbo-mortgages the average interest rate on a 30-year jumbo loan as of October 12, 2009 is 5.82%. That would make the monthly payment $9,408.44.
I hope this helps.
Gary
*5/1 ARM is a mortgage that has a fixed interest rate for five years and then adjusts annually. The 7/1 and 10/1 ARM mortgages are similar, but the initial fixed-rate periods are seven years and 10 years, respectively.
