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Can you provide me with a close figure for what my PITI would be?

If I were to get a 15 year fixed loan for $410k at 3.15% with $10,000 down, what would my total payment be? by shellie_sherman15 from Oakland, California. Mar 18th 2016 Reply


Marty Stern (rubicon1020)
#437 ranked lender in California - 74 contributions

With a purchase price of $420,000, your total PITI payment would be approx. $3578, which is $2861 principal and interest, aprox $194 for MI, approx. $438 for taxes, and approx. $85 for insurance.Marty SternClear Lending707-364-4115

Mar 18th 2016
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Crestico Funding (CresticoFunding)
#4 ranked lender in California - 337 contributions

Shellie, Depending on the following items your total monthly payment will can be determined however the Principal and Interest payment for a $410,000.00 Loan at the rate of 3.15% is $1761.92. You must consider the additional items to determine the total monthly payment. 1) Property Tax based on the Location 2) Home owners Insurance 3) Mortgage Insurance if applicable depending your mortgage program.please feel free to call our office if you like additional information.

Mar 18th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Much more info needed to answer your question.. First, PITI means, Principal, interest, taxes and insurance.. we have no idea what the taxes and insurance will be unless you have a quote or know the address.. Also, you cannot buy a home for $410K and only put $10,000 down.. Lending rules require that if your are a first time home buyer, you can get by with only 3% down, otherwise, you will need 5%.. that's $12,300 to $20,500. WE would also need to know your credit scores to determine what your interest rate would be as well as the rate for monthly mortgage insurance, which is required if you don't put 20% or more down.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 18th 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

3.15 is an unusual mortgage rate, possibly you meant 3.125? Slight difference. As others have said, $10,000 is not enough of a downpayment unless it is a VA loan in which case there would be no downpayment requirement. If you know the rate, a great website for figuring payment is www.math.com look for mortgage calculators.

Mar 19th 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

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Mar 21st 2016
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Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

If you have any further questions as to down payment and closing cost assistance please contact me. We specialize in offering help so that on a home loan of $410,000 you may only have to come up with as little as $1000! There are maximum income requirements. One could make as much as $112,500 in Oakland, for a family of 4 to qualify. You are probably thinking of the least amountof down payment (3%) or around $12,500. If closing/settlement costs average $10,000, including your required tax & insurance impounds, then you have a total of about $22,500 to come in with. With our assistance program we can whittle your requirement down to near $1000 or so! Contact me thru my profile or www.graylending.com. I am in the S F Bay Area.

Mar 21st 2016
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