downpayments

[chevy]

i was wondering if anyone can help me. for my computer class in college i am doing a project and i basically have to figure out how much money i am going to be making after i graduate, how much my bills are gonna be, and how much money i save. my question is how much would a downpayment be for say a $30,000 truck with decent credit and how big of a downpayment would you have to put down on say a $175,000 house again with good credit. this is all in pa to. i know i should already know all this i am going to college for welding hopefully i will figure it all out soon. thanks for the help

[Regular_Joe]

There is no answer since it depends on the conditions of the loan. Any company can make any conditions.

A house mortgage may be 7% interest w/ no down payment, 6% interest w/ 10% down, 5% interest w/ 20% down, etc....

Generally the less of a down payment you make, the higher the interest rate is.

[Creech52]

If this is for a class assignment shouldnt you be doing research?? Take a look at the company websites of the model truck you want, most will have a payment calculator with something similar to the current intrest rates, and you can go on REMAX and find a place in your price range and click on calculate payments....hope it helps.

[bwamos]

Originally posted by chevy
i was wondering if anyone can help me. for my computer class in college i am doing a project and i basically have to figure out how much money i am going to be making after i graduate, how much my bills are gonna be, and how much money i save. my question is how much would a downpayment be for say a $30,000 truck with decent credit and how big of a downpayment would you have to put down on say a $175,000 house again with good credit. this is all in pa to. i know i should already know all this i am going to college for welding hopefully i will figure it all out soon. thanks for the help

$175,000 house. $0 downpayment. But you would be paying PMI Insurance for many years. The home loan has to be no more than 80% of the purchase price in order to avoid PMI insurance. So on a $175,000 house you'd need a $35,000 downpayment to avoid PMI insurance of about $125/mo.

Closing costs are going to be about 3%-4% of the purchase price of the home. $175,000 x 3.5% = $6125.

So to avoid PMI on a $175,000 house you's have to have $41,125 cash up front.

So total closing costs can be between $6000-$42,000 on a $175,000 house.

[54warrior]

Originally posted by bwamos
$175,000 house. $0 downpayment. But you would be paying PMI Insurance for many years. The home loan has to be no more than 80% of the purchase price in order to avoid PMI insurance. So on a $175,000 house you'd need a $35,000 downpayment to avoid PMI insurance of about $125/mo.

Closing costs are going to be about 3%-4% of the purchase price of the home. $175,000 x 3.5% = $6125.

So to avoid PMI on a $175,000 house you's have to have $41,125 cash up front.

So total closing costs can be between $6000-$42,000 on a $175,000 house.

Wow, what kind of classes do I need to take to learn about this kinda stuff?? Very good info---thanks.


Also....

I bought a $33k truck, put $10k down, have 4.9% interest for 60 months and the payment is $485/month. That's with excellent credit history.