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Updated over 6 years ago on . Most recent reply

Michael Dunn's profile image
Michael Dunn's profile image
Michael Dunn
  • from Olive Branch, Mississippi
  • Member since Oct 4, 2013

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452
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Michael Dunn's profile image
Michael Dunn's profile image
Michael Dunn
  • from Olive Branch, Mississippi
  • Member since Oct 4, 2013
Michael Dunn
  • Olive Branch, MS
10
Votes |
452
Posts
Buying & Selling Real Estate

Mortgage Payment "FORMULA" ?

Michael Dunn
  • Olive Branch, MS
Posted

What is the Formula to figure out what your monthly Mortgage payment ( including Interest,Taxes,Insurance ) will be ( assuming a 3.5% Interest Rate and a Good Credit Score of 700 to 750 )? I narrowed it down to multiplying the Price to pay for the house and multiply it by .007%.

Assuming a $100,000 purchase Price for the house x .007% = a $700 monthly mortgage payment

Does this seem accurate as far as a Formula goes to figure it out?

Thank you 

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