How much is the mortgage payment for a home in Houston?
During the 1st Qtr of 2019, the median price of a home in Houston was $232,900 according to the Houston Association of Realtors.
That means that half of the homes sold during February in Houston were above $232,900 and half below that price.
Because most people buy homes using mortgages, take a look and see what the payment on that mortgage could be:
With 20% down, and a conforming mortgage loan, the balance of $186,320 has a monthly mortgage payment of $917/mo for principal + interest (“P+I”) at an interest rate of 4.25%
How much would the down payment need to be?
- Conforming loans allow down payments as low as 3%
- FHA loans allow down payments as low as 3.5%
- VA loans allow 0 down payments.
Down payment assistance programs combined with FHA or FNMA/FHLMC (Home Ready and Home Possible) home loans can assist with 100% of the down payment required for qualified home buyers along with First Time Home Buyers.
If you’d like to see what payments might be for different loan amt, you can use my calculator at my other website.