Need help picking the right mortgage!!?

Posted on Aug 15, 2012 in FHA Information

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Question by Sarah J: Need help picking the right mortgage!!?
I am trying to compare these 3 loan offers. I think I have figured that in the long-term 30 yr life of the loan, more about the 80/15/5 loan will save us the most money. I want to see if we sell in appx. 8 yrs, which is the best choice for us. We do have access to the downpayment amount but also are considering putting it towards higher interest rate credit cards.

FHA:
$ 143,366 30 yr fixed at 6.125 (includes upfront MIP of 2118) – $ 871.11/mo plus appx $ 60/mo PMI
$ 3221.98 closing costs
$ 3252 downpayment
$ 4500 seller’s assistance

80/20:
$ 115600 30 yr fixed at 6.375 – $ 721.19/mo
$ 28,900 15 yr fixed at 8.375 (paying the extra per month to pay off the 2nd mortgage in 15 yrs) – $ 282.48/mo
$ 2965 closing costs
$ 0 downpayment
$ 4500 seller’s assistance

80/15/5:
$ 115600 30 yr fixed at 6.000 – $ 693.08/mo
$ 21675 15 yr fixed at 9.25 (paying the extra per month to pay off the 2nd mortgage in 15 yrs) – $ 223.08/mo
$ 2816 closing costs
$ 7225 downpayment
$ 4500 seller’s assistance

Best answer:

Answer by Mike R
Hi,

you might try these companies, too and see if you even get better deals:

http://www.usefulresources.info/eloan-cj.php
http://www.usefulresources.info/lowrates-lendingtree-az.php

Wish you all the best!

Mike

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