Would someone mind helping with a mortgage question?

[Soupermom]

I had my final divorce hearing today and as part of the settlement I will need to give Ex $52,000 for his share of the house (40%ish). I only owe about $2,000 on the current mortgage. I will have to refinance, but I know there is a special name for it because you can't refinance $2,000. I will try to call my mortgage lender tomorrow, and I tried to find a calculator online, but didn't have any luck. Anyway, I was wondering if anyone could help me figure out what my monthly payment would be. I would I go about a down payment? Do I need one in this case? I would need to figure in $4900/year for taxes/insurance. I was thinking a 15 year mortgage which I believe is around 4% or less these days. Plus closing costs of $1,800 too I guess. Thanks for helping out this weary mom!

 

[Gumbo4x4]

Google "mortgage calculator" and you can play with the numbers to find our what you're looking at

 

[clh2]

Are you looking to refinance along with taking cash out? If that is what you are doing, assuming your house is valued at ~$110,000; you would not need a down payment, as you would have equity in your home. Probably would need about $55,000 for the $52,000 plus the closing costs.

Since your taxes/insurance are about $5000/ year, just add in ~$420/mo in addition to the mortgage calculator amount to come with your total monthly payment.

 

[Preston Chatsworth]

The PP is correct. You are looking to do a "cash-out" refinance and on a $55,000 mortgage at 4% for 15 years, the P&I would be $407 per month. You can elect to waive escrows and pay taxes and insurance on your own or include them in your payment which would bring it up to $815 per month ($407 P&I + $408 taxes/ins).

ETA - why are your taxes and insurance so high on a $110k home? You might want to check and see if you have filed for the homestead exemption for a reduced tax rate and shop insurance.

 

[kellietony]

The PP is correct. You are looking to do a "cash-out" refinance and on a $55,000 mortgage at 4% for 15 years, the P&I would be $407 per month. You can elect to waive escrows and pay taxes and insurance on your own or include them in your payment which would bring it up to $815 per month ($407 P&I + $408 taxes/ins).

ETA - why are your taxes and insurance so high on a $110k home? You might want to check and see if you have filed for the homestead exemption for a reduced tax rate and shop insurance.

The property tax rates in Danville, IL where poster has as their location, are pretty high. I'm sure the poster is using their actual prior taxes.

 

[ruadisneyfan2]

The PP is correct. You are looking to do a "cash-out" refinance and on a $55,000 mortgage at 4% for 15 years, the P&I would be $407 per month. You can elect to waive escrows and pay taxes and insurance on your own or include them in your payment which would bring it up to $815 per month ($407 P&I + $408 taxes/ins).

ETA - why are your taxes and insurance so high on a $110k home? You might want to check and see if you have filed for the homestead exemption for a reduced tax rate and shop insurance.

Taxes are crazy high in many places. Our little 1600 sf rancher costs almost $8400/yr in property taxes, mostly for school taxes. But then our gas tax is low (around $3.17/gal here now) and we don't pay sales tax on clothing or food, except in restaurants.
Somehow or another they'll find a way to bleed you dry.