Okay, I'm looking to purchase a house which will cost about $280k. I just need to know how much my monthly payments would be at 4.5% interest for 30 years. I know there's some kind of formula, but I don't know what it is.

I don't want to go to a loan officer quite yet because I don't feel like filling out all the paperwork and getting my credit pulled and stuff. I feel like if I went, I would be rushed into something.

Anyway, if there's any math wizzes out there, let me know.
thanks

I know there's some kind of formula, but I don't know what it is.

It's called Amortization. I'll bet if you Googled on "Amortization Worksheet" you'd find a bunch of web-based forms which will do this for you.

edit: Yup. Bunch of them. here's one of the first ones on the list.

thanks, I'll try that out.

The monthly payment would be $1418.72.
Your total interest costs for this loan would be $230738.34

That doesn't include taxes and insurance.

Since car dealers always have an amortization program up and ready for numbers on all their computers.

Oh, but don't go for the undercoating on the house.

Who's a car dealer?

DOH!!!!! Aargh!

I got you mixed up with BxGurl...

/me dies of embarrassment.

Sexist.

Thanks a lot, I guess I can afford it.

The only thing I've been toying over and over about is my job security. I make a good amount of money now, but I feel if I ever lost my job, I wouldn't be able to make the same amount at a different company.

I sincerely apologize.

I liked the undercoating joke, though.

LOL. I just did a Goggle search. I'm home today watching my house being destroyed, or should I say remodeled, seems the same thing when the drywall is being torn down and the concrete floor being drilled into. I'm getting a new 1/2 bath put in and the old one is being redone. It's more fun to watch than do it myself plus they have cool tools that I don't have to do it with.

Not to state the obvious, but you are taking taxes into account, correct? Of my mortgage payment, taxes make up a rather large percentage.

About how much are your taxes each month? I was just looking at the purchase price of the house.

Keeping in mind that taxes vary from locale to locale...

I think he's got a basic idea of how much it's going to cost, and at this point he needs to see a mortgage lender, in person, to work out the details. They've got much more detailed worksheets that take all the subtle details like taxes into account. They can give lots of advice regarding things like how to work the down payment, how an appraisal works into the value of the loan, how your credit record can change the type of loan you get, etc.

(This is what my wife does for a living, by the way)

I think he's got a basic idea of how much it's going to cost

True, I only wanted to make sure Darwin was prepared for the payment to be a bit higher once the escrow was added in. I know that our escrow payment is a couple hundred dollars a month, which might make a difference. I’ve always heard that 1% of the total price is a good guess for a monthly payment, though in the current climate that might be a bit high. Still, it’s been close for my last two homes, if that says anything.

Of course, if your wife does this for a living I should defer to you.

Of course, if your wife does this for a living I should defer to you.

And I usually end up deferring to her. I know exactly enough about this stuff to be dangerous, and let her handle all of the details.

I have just bough a house around that value ($230K mortgage over 30 years), my mortgage payments are $1350 a month, but escrow adds another $550 a month for insurance and taxes. As said before this appears to vary by location city to city as well as state to state, so it is probably worth seeing a professional to find out your full story.

I am assuming that at 4.5% this is an adjustable loan. I don't know of anyone writing 30 year fixed loans that low. If so, you also need to figure what your payment might be down the road.
Also, are you planning on a down payment? Typically all advertised rates are for 20% down. If you are putting less than that down, the rates will be higher. Either by paying a mortgage insurance premium, or a second mortgage to make up the difference.
As far as property taxes, Tony is right, it varies quite a bit throughout the nation. For example, in San Diego County 1.2% of the assesed value is normal. But in Texas, I understand that 2.4% is normal.
Homeowners insurance can vary also depending upon location, price, etc. Typically between $400 to $800 a year.
Taxes and Insurance can be impounded into an escrow account which would be paid monthly with your mortgage, or you can pay them on your own, just be prepaired for some big bills throughout the year.
Tony, or his wife, is absolutely correcet. Credit and income play a big part in which loan you can qualify for.
Find a reputable mortgage broker in your area and explain your situation. If he won't talk to you without filling out a credit application, then find someone that will.
Good luck.

DOH!!!!! Aargh!

I got you mixed up with BxGurl...

Sheesh. There are only like 2 or 3 openly female posters here, you'd think the almighty FAQmaster could keep them straight.

By the way, bxgurl. All lower case.

To be honest, I get names confused all the time, regardless of gender.

Sorry about the incorrect case. Sometimes the BBS mangles the case of user names. I put in mine as TFabris and it came out all lower case in the end.

Sheesh. There are only like 2 or 3 openly female posters here, you'd think the almighty FAQmaster could keep them straight.

Down.... goes.... Fabris!