What are your monthly payment costs in Cary NC on a 1 million dollar home vs a six hundred thousand dollars home in a top neighborhood?
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In this video, I will be talking today with Johan Alvarez with Alterra Home Loans about a few monthly payment costs scenarios on two different properties using 5, 10 or 20 percent down payment examples. We are going to look at two homes that I recorded for you. They’re both in top neighborhoods in Cary NC, in different locations and different price points. One is in the $600K and the other one is in the $1 million price point. More exactly 1 million, two hundred and fifty thousand. I know that a lot of you are moving/relocating to North Carolina, you’re watching my YouTube videos and I just wanted to give you an idea of what kind of monthly payments you can expect on a $600K and a $1 million two hundred and fifty thousand dollar home using 5, 10 or 20 percent down payments.
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The biggest difference for many people that are coming from a more expensive location could be their monthly payment costs. We’re talking about your monthly payment costs on a 1 million dollar home here compared to another state. Maybe the property taxes are more expensive. Home insurance might be more expensive, so it makes the monthly payment more affordable in this area thanks to an average of 1% property tax. Examples on a $600,000 home: 5% down, $30,500 based on a price of $610K purchase price – for this example. It is very common though that homes are being sold $50K, $100K or more over the asking price. You’re going to borrow $579,500. The principal and interest is $2,683.75. We have mortgage insurance. So the mortgage insurance can vary depending on your credit score, but let’s assume you have great credit. $101.41 is the monthly mortgage insurance. Property tax would be approximately $314.37. So the annual property tax on this specific home is $3,772.44. Not sure how much your insurance is going to ultimately end up being, but let’s assume it’s a hundred dollars, or $1,200 a year. In that case, we’re looking at $3,199.53. So about $3,200 on this $610,000 home, with 5% down. With closing costs, you will need about $7,100 to $7,200. So your monthly payment costs will be about $3,768.4.
Interest Rates: At the time of this recording, the market rate is about 3.75%, APR is 3.928%.
Secondary home or Investment Properties
Your monthly payment costs will be totally different if you are considering buying a secondary home, as that is considered an investment property. Each case is different but you can most likely expect to be required to have at least 25% down payment and close to 1% higher interest rates on a 30 year fixed loan.
