Question 1

How much is a mortgage payment on a $300,000 house?

Accepted Answer

At 7% interest with 20% down ($240,000 loan), 30-year term: approximately $1,596/month for principal and interest. Add property taxes ($300/month) and insurance ($150/month) for a total around $2,046/month.

Question 2

Is a 15-year or 30-year mortgage better?

Accepted Answer

A 15-year mortgage has higher monthly payments but saves 50%+ in total interest. A 30-year provides flexibility with lower required payments. Choose 15-year if you can comfortably afford it; otherwise take 30-year and make extra payments when possible.

Question 3

How much do I need for a down payment?

Accepted Answer

Conventional loans require 3-20% down. FHA loans allow 3.5%. VA and USDA loans offer 0% down. However, putting 20% down avoids PMI ($100-$300/month extra) and gets better interest rates.

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