525 11th Ave #1307 – Let’s look at the monthly mortgage payments for this condo by loan type.
525 11th Ave – Downtown San Diego condo
This condo is a 2 bedroom, 2 bathroom located in the Park Boulevard West building in the East Village area.
As of 5/6/2022 it is listed for $659,900.
Listed by real estate agent Loren Sanchez with Coldwell Banker West DRE #02002105. Get more info about this property here.
How much is the mortgage payment on this downtown condo?
Disclaimer: The scenarios below are for informational purposes only and should not be considered as an advertisement for rates being offered.
The monthly mortgage payment will depend on the type of loan being financed, and the amount of down payment being made.
Lets start with the payment on a Conventional loan.
Scenarios are based off 5/6/2022
1
Conventional Condo Payment
Loan Type: Conventional Loan with a 3% down payment (a first time home buyer program) There are several down payment options with a conventional loan. The lowest is 3%.
Credit score: 680
Purchase price: $659,900
Down payment: $19,797
Loan amount: $640,103
Interest Rate: 6.375%
The principal and interest payment would be $3993, property taxes are estimated at $687.39, mortgage insurance is $453.41 (MI percentage of .85%) HOA dues for this condo are $497.
Conventional total monthly payment of $5630.8.
2
FHA Condo Payment
Loan Type: FHA Loan with a 3.5% down payment. This loan is perfect for buyers who have some credit blemishes and high debt to income ratios.
Credit Score: 680
Purchase price: $659,900
Down payment: $23,096.5
Loan amount: $647,947.56 (with funding fee)
Interest Rate: 5%
The principal and interest payment would be $3478, property taxes are estimated at $687.39, HOA dues for this condo are $497, mortgage insurance is $553.64 (1.05% MI percentage)
FHA total monthly payment of $5216.03.
3
VA Condo Payment
Loan Type: VA Loan is only for veterans and doesn’t have a down payment requirement.
Credit Score: 680
Purchase price: $659,900
Down payment: $0
Loan amount: $675,078 (with VA funding fee)
Interest Rate: 5.375%
The principal and interest payment would be $3780.24, property taxes are estimated at $687.39, HOA dues for this condo are $497
VA total monthly payment of $4964.
Summary of estimated monthly mortgage payment for this condo
Conventional total monthly payment of $5630.8.
FHA total monthly payment of $5216.03.
VA total monthly payment of $4964.
As you can see, there are slight differences with each loan type.
The best loan program to use is the VA loan, it has no down payment and no mortgage insurance, this is why the payment is much lower.
In todays market, alot of sellers are accepting offers with conventional financing rather than FHA or VA. Read more about this by clicking on the links below.
Related:
- How to Get your Offer Accepted in a Seller’s Market
- Why Should I Pursue a Conventional Loan Over a Government Loan in todays market?
It’s best to talk to your realtor about which option would be best and also talk to your loan officer about your specific situation and what you can qualify for.
Are you ready to apply? Start the process by completing the form below.
More information:
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