Bar W Homes Mortgage Estimate for Deepthi
by Alfonso "Fonz" Rodriguez @ Pinnacle Realty Advisors
As of 12/6/2024
The current incentive offered by the builder is the following:
- A fixed 4.5% FHA mortgage
- Or a fixed 5.5% Conventional mortgage
- $10,000 towards closing costs
- Fridge, washer, dryer & blinds.
With the current market rates between 6.5% - 7% it would cost you about $25,000 to get the interest rate being offered. The builder is paying that cost in order to offer you the reduced rate.
Below is a detailed mortgage estimate for both FHA or Conventional.
4 Beds, 3 Baths, 2 Story, Study 2,110 sq ft, Single Story, East Facing @ $439,990
5.5% 30 Year Fixed Conventional Mortgage Estimated Payment: $3,327.86
- Principle & Interest:$2,214.32
- Property Taxes: $841.42
- Mortgage Insurance: $142.12
- Homeowners insurance: $80
- $50,000 down payment
4.5% 30 Year Fixed FHA Mortgage Estimated Payment: $3,143.40
- Principle & Interest: $2,010.60
- Property Taxes: $841.42
- Mortgage Insurance: $161.30
- Homeowners insurance: $80
- HOA: $50
- $50,000 down payment
- Principle & Interest: $2,010.60
- Property Taxes: $841.42
- Mortgage Insurance: $161.30
- Homeowners insurance: $80
- HOA: $50
- $50,000 down payment
2340 Bronc Buster, Leander TX 78641
4 Beds, 3 Baths, 2 Story, 2,310 sq ft @ $449,990, 2 Story, North West Facing @ $449,990
5.5% 30 Year Fixed Conventional Mortgage Estimated Payment: $3,357.45
- Principle & Interest: $2,271.10
- Property Taxes: $860.58
- Mortgage Insurance: $145.77
- Homeowners insurance: $80
- HOA: $50
- $50,000 down payment
4.5% 30 Year Fixed FHA Mortgage Estimated Payment: $3,218.18
- Principle & Interest: $2,062.15
- Property Taxes: $860.58
- Mortgage Insurance: $165.44
- Homeowners insurance: $80
- HOA: $50
- $50,000 down payment
It seems to me that going FHA would be the better way to start off to get the lower overall payment.