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#772447 - 08/30/16 10:45 AM need help !!
juliya Offline

recently joined

Registered: 08/30/16
Posts: 3
Hey all,
It's been a month that I'm searching for a job. I'm a divorcee and I have 2 year kid too. I don't know how we would survive. I also wanted to pay some amount every month as I have taken mortgage for my home. Finally I got a job and my annual salary was just $50000 and I need to pay interest of 2.390 every month. My friend suggested me to calculate my annual amount so that I get an idea how much I need to pay. I searched online for mortgage calculators and found and calculated from Northwood mortgage . I don't know whether this is the exact amount or not. Does anyone have taken any mortgage? Have anyone experienced in taking mortga? Please advise.

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#772448 - 08/30/16 12:13 PM Re: need help !! [Re: juliya]
mskelly Offline

journeyman

Registered: 05/02/16
Posts: 57
I'm confused about your question. I think I need more information to understand what you're trying to accomplish. Are you trying to figure out what a monthly payment would be on a mortgage? if so, then you'll need the amount of the loan, the interest rate, and the length of term on the mortgage.

Example.....
Amount of loan $100,000
Interest rate 3%
Term of Loan 20 years

Using a mortgage calculator the monthly payment would be
$555
This is without Insurance and Taxes, so if you don't have escrows included in your mortgage, then this is all your Mortgage payment would be, but if you have the Insurance and Taxes escrowed (included in your monthly payment) then, that will be added to the $555. Does this make sense?

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#772449 - 08/30/16 09:59 PM Re: need help !! [Re: mskelly]
MinnesotaMom Online   content

old hand

Registered: 01/05/11
Posts: 770
Sound to me like the OP is in a very expensive home, where just the interest on the mortgage is $2390/month, and is looking to what the total payment would be. I suspect her payment (probably at least $3K a month) + insurance + taxes are higher than her entire yearly net income....thus she cannot afford to stay in the house.

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