80/10/10 Mortgage Question - Personal Question

AndrewsChick Posted: Nov 21, 2003 04:13 PM

80/10/10 Mortgage Question - Personal Question

Very curios.........so I have to ask....if you do the 80/10/10 - 80% Mortgage, 10% Home Equity Loan and 10% down payment.....what are your monthly mortgage/home equity payments like???

I know this may be a very personal question, but I was hoping to get some ideas.

Thanks..

ddunne23 Posted: Nov 21, 2003 04:24 PM

Re: 80/10/10 Mortgage Question - Personal Question

It totally depends on the cost of the house.

MarcellaBella Posted: Nov 21, 2003 04:45 PM

Re: 80/10/10 Mortgage Question - Personal Question

it depends on the total amount you are financing..

antoinette Posted: Nov 21, 2003 10:17 PM

Re: 80/10/10 Mortgage Question - Personal Question

use a mortgage calculator online there are many websites that offer this so you can get an idea- But you have to have some kind of price range of the house and what you are going to be putting down.

yabbobay Posted: Nov 22, 2003 03:51 AM

Re: 80/10/10 Mortgage Question - Personal Question

whatever the monthly payment is...I am almost positive it cannot be more than 40% of your gross total income...

so add up your salaries (gross...not net) and multiply by .4 -- this is the maximum monthly payment MOST banks will approve you for.

i could be wrong on the specifics...but it should be a good guideline