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In todays mortgage market for homes or condos, the monthly costs for principle and interest excluding tax's and condo fees should run approximately $550.00 per hundred thousand in borrowed dollars. For example, a property costing $400,000 with a mortgage of $320,000 would average about $1760.00 a month not including taxs. Depending on the type of mortgage program, monthly costs will vary depending on down payment and features of the mortgage some being more agressive than others in selecting your mortgage.
If your property is secondary or investment, putting 25% down and renting for the high Summer season will cover 50% of your mortgage costs. If you plan to expand the rental season, the additional revenue would reduce your overhead.
For expert mortgage advice on the Cape Cod market, please contact Maryann Taormina at 508-237-1424. Become pre-qualified, and understand your buying power in todays Provincetown real estate market, or anywhere on Cape Cod. With mortgage costs expected to rise over the next year, monthly payments based on todays rates will enable you to purchase a higher priced home for less monthly costs, compared to higher monthly payments in the future
and having to consider a less expensive home for the same montly payments.
Money management and buying power...they go hand in hand in your desire to own real estate. Call me now for information on the local market...my cell phone number is 203-858-8940
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