FIND THE ANSWERS

How much should a mortgage cost pet month on 52K house?

Answer this question

  • How much should a mortgage cost pet month on 52K house?


Answers

Answer #1 | 23/12 2013 18:17
There is no way for anyone here to know, but $600 is not responsible. Remember in addition to the loan principle and interest, there is also property tax, homeowners insurance, and potential other fees like mortgage insurance and HOA fees.
Answer #2 | 23/12 2013 18:21
If he is only living on $1000 a month, even if his mortgage payments are $300 that doesn't leave him much to live on anyway. His payments could be $600, there may have been multiple mortgages or other loans put onto the mortgage at some point. There are also property taxes, insurance, repairs and maintenance not to mention other living expenses. Im sorry if your father was never there for you but it doesn't sound to me like he has the money to help you out now.
Answer #3 | 23/12 2013 18:27
those mortgage calculators don't take into consideration home owner's insurance, property taxes, & PMI if he didn't have 20% down--all of which get added to the mortgage payment & could very well turn a $300 mortgage into a $600 mortgage. plus your dad makes $1000 a month. even without the mortgage payment, he's not going to be able to pay you back for anything. stop giving your dad money you can't afford to never see again & stop expecting him to repay you. your life will be much less stresful moving forward.
Answer #4 | 23/12 2013 20:06
Depends on the type of loan he has. Mortgage calculators usually are based on 30 year mortgages I think, and not including taxes, etc. Maybe he has a 15 year mortgage? Sounds high to me as well, but you never know.
Answer #5 | 23/12 2013 21:04
It doesn't matter what his payments are or what his income is. You are probably out whatever money he owes you, so stop giving him money since he is obviously living beyond his means and has no intention or ability to repay you. Invest your money in yourself and your own spouse and/or children if you have them. Buy your own home, invest in your retirement account, save for your kids, or pay off your car. You have way better things to do with your money!

Possible answer