Mortgage Payment Breakdown and Explanation for First Time Home Buyers

[@JavyVidana]

Watching this a few months later, sorry about the loud background music! I was still learning lol. Also funny hearing Sadie crying in the back. Thank you for those who subbed because of this video!

[@theone9265]

Javier Vidana LOL I was like “woah” at the end of the video about the music.

[@stephenfermoyle4578]

this is a conversation that should be taught in schools so kids will be prepared..they would get it and utilize it.

[@TotalDIY2737]

I work in Mortgage lending and can say this was a very accurate and great representation! Example was great too thanks!

[@DonteeWeaver]

Nice Simple Breakdown of the Payments!

[@pedrojimenez1054]

Thank you!! My husband and I just bought our first home and this was very very informative

[@raulurquiza2211]

Starting this journey soon and your videos have been the easiest to understand, Thank you!

[@JavyVidana]

Thank you for watching! I appreciate the support.

[@josenieves7514]

Whether I watch your videos pen/paper, calculator, pot of coffee, comfortable chair, quality headset needed to hear every important word said.....Thanks again for schooling future/present home buyers....

[@DylanRoberts7]

I’m 18 and I’m interested in getting into real estate to invest and the part where you mentioned the tax deductions was very helpful information, not to take away from the rest of the video though because it was all great. Really did enjoy the mortgage break down in general. Third video of yours watched and I love them. Keep up the good content.

[@carlosdelao9874]

Hello how did things go bro?

[@DanielLopez-pu4hx]

Another fee that may apply is an HOA fee. These can vary greatly depending on where you buy and how involved the HOA is.

[@JavyVidana]

Daniel Lopez hey Daniel, you are right in considering the HOA, however I’m this video I’m breaking down the mortgage payment not all the costs you have to pay monthly. The HOA is not on your mortgage payment, it is paid separately.

[@DanielLopez-pu4hx]

Javier Vidana absolutely, great video and thanks for clarifying that.

[@jonnylowkon]

Hoa’s suck never never

[@fortheladies771]

What is the HOA fees for?

[@alanboyer8993]

Hey love your videos but turn the music down, it’s hard to focus on you or numbers when the music is over powering. You could also try a tune that plays deeper then your current one.

[@JavyVidana]

alan boyer Hey Alan! I’ve been learning as I do many of these and over time I’ve learned to turn the music down lower. But thank you for the feedback! And you’re 100% right about a deeper song, kind of difficult to find one though.

[@smallpinkies955]

IM SO GLAD I FOUND YOUR CHANNEL!

[@madmax3093]

Do you have a video about Escrow Shortage? Explaining it and how to avoid it?

[@frankyfarset]

Thank you for this video. I really learned some good and valuable information in an easy way!

[@LMarch-lk4fq]

Javier why owners asked for a certain amount for there homes, when the estimate is way lower example, $ 379,000 asking price. estimate $ 346, 231. And then 2 days later Zillow changes the estimate price to 379,000. I don't get it. My understanding is the house value was really 346,321

[@nellakane2622]

For real estate investing, do you absolutely stay away from HOA properties? If not, How do you assess an HOA?

[@albertoramirez4205]

Great video!!! Any tips on buying a home out of state?

[@JavyVidana]

Alberto Ramirez honestly man ive gotten a few requests for that and I’m writing up that video. Taking longer because it involves guidelines and what not I need to make sure to verify everything. If you sub you should see it in the next week or two.

[@albertoramirez4205]

Great!! Thank you. Look forward to watching it. Thanks again for taking time posting these videos. I learn so much.

[@impresarioe6824]

Thank you for the videos. I'm buying a house this time next year and your videos have been very helpful!

[@ryanlococo5423]

Great video Javier - thanks for the awesome information. I love your videos!

[@CSI760]

Do people in the real estate biz get lower rates or discounts? Just curious.

[@curlypdub9283]

HI I received Delinquent Supplemental property tax bills today, Does this mean the mortgage company is not paying my taxes?

[@tamim.7522]

The best break down ever. Thank you!

[@gageweston3824]

Why do we break up the payment on the house into "interest" and "principal" (not concerned about the others). To me it seems like you have monthly payments from one lump sum (buyer) to another lump sum (bank), so all that matters is how much it affects each lump sum - shouldn't matter what it's labeled as since every dollar is just a dollar. It seems like the labels are just put their to confuse or mislead the buyer, or to give some arbitrary reason for not giving them home equity early on, but the labels don't seem to add any relevant info the buyer. I must be missing something - what is it?

[@Da_Crow]

so if my taxes is in the mortgage payment ..then I dont need to worry about it....my father in law pays his taxes separately twice a year...how come he does it this way ( i dont want to ask him)

[@beeniegti]

In your video you showed the break down of the mortgage as follows .one going towards principle .one going towards interest. Can you elaborate on that please? So basically are you cutting three checks every month? One for your principal($331.72). One for your interest (562.88). And then a third check for your PMI ,house taxes and house insurance(293.80)? I’m looking to do the same thing to possibly cut down the duration of the mortgage. Your videos seem extremely helpful and I’m going into mortgage pretty soon and just want to make sure that I have all my ducks in row. Thank you so much for your time in advance. Also I appreciate you making these educational videos to help people like myself. Thanks again

[@JavyVidana]

Always Gifted thanks for watching! This video is a breakdown of your mortgage payment, one payment not several. Every month you have to make one payment to pay your mortgage, and this includes principal, interest, taxes, home insurance , and mortgage insurance. Y

[@beeniegti]

Javier Vidana yea I understand how the the itemization and full breakdown works as a whole .what I’m asking and getting at is being able to shave years off of your mortgage by paying the principal down ? I’ve heard of people paying biweekly opposed to paying monthly to pay principle down to shave years off of their mortgage and that something that I’ve been looking into it and I’m interested in doing .

[@JavyVidana]

Yes you can shave up to 7 years by doing that but you have to make sure you let whoever is servicing your loan that you’re doing that. I had an aunt do that for 4 years but she never let them know so they thought she was just breaking up her monthly payment in half lol. In general, when you make your payment it ask you if you want to put more towards your interest or principal, so if you have extra cash you can always put extra. I always try and add a extra $100 or $200

[@mrtrollz7678]

How much read the house?

[@serg_lupescu]

Another very informative video man! 🙌🏼💯

[@christiandelatorre4489]

Nice video! Can you recommend me a realtor on riverside and san Bernardino county?

[@JavyVidana]

I sure can! Can you text me your email so I have your info? 623-707-9836

[@rickyal946]

Thanks a lot, very understandable and simple!

[@DramaBeatz15]

What about escrow

[@ivannavarro7171]

Javier , How much did you buy your house for ?

[@MrSuperchargedv8]

@Javier Vidana do you know of a good lender in San Antonio, Texas

[@nataliakerr5]

So in honesty, what percentage of buyers actually put a 20% down payment? That requires a long time of savings! 40k if you get a 200k house for example.. insane!

[@JavyVidana]

Natalia Suero de Kerr very little! You’re right it’s a lot of money.

[@cuchyto82]

but you are saving on the pmi

[@mrs.e3944]

Thank you so much for getting back to me in my questions right away a few weeks back. I am still torn between going with a credit union or mortgage loan company. The credit union has no origination fees and the mortgage loan company is charging me a lender fee. we like the mortgage loan company but do not want to pay an extra 1500.00 if we can avoid it. Any advice if we can ask to waive the lender fee or negotiate it? Thank you so much!!

[@juice63991]

That Donkey Kong music at the end though.

[@JavyVidana]

DK country and DK64 was my jam back in the day, I was going to put the DK rap but I’d figure this works better 😭.

[@juice63991]

lmao. Good move. Surprised you don't have more subscribers man. Your channel is awesome. Keep up the great content!

[@dgaleno2012]

Thanks for this. I didn't know you can try to get the insurance on your own

[@momacaroni5634]

Great info and also entertaining

[@sbwf13]

Great breakdown!

[@rmadrid1684]

Hey Javier vidana so if I put 20% or more down paymen on a house I could avoid pmi insurance or mip righ ?

[@nelidaandujar7335]

how do you calculate the principal and interest on the mortgage payment ?

[@jimklemens5018]

Nelida, you would use a mortgage calculator.

[@heyvern]

I understand the breakdown of payments but I'm confused on how this takes 30 years to payoff. Let's say your monthly mortgage is $1027 a month with a fixed 3o year loan which includes everything you mentioned. To my calculations, the home prices at $189,900 should be paid off in 16 years and 8 months. Am I missing something? I'm aware of closing costs but isn't that taken care of upfront?

[@hollywoodlover95]

$1027 total mortgage cost includes principal costs. Principal costs (only a portion on that $1027 per month) is what is actually going toward paying off the property you purchase. For example, if your total mortgage payment is $1000. $600 will go to the principle. $100 home insurance (floor, earthquakes fire insurance). $100 mortgage insurance (if down is below 20%). $100 property taxes (varies on location). $100 PMI (interest varies on lender). Total $1000 In one year, you’ll pay $7200 ($600 principal per month x 12 months of payments in one year) toward the final cost of the property. 30 years = 360 monthly payments Multiple your principle total by 360 for the total cost of the house, which in this example is $216,000 ($600 x 360 total payments in 30 years). At the end of the sale (when all payments are complete after 30 years) everything else (insurance, tax, PMI) at the $100 equals out to 36,000 (100 x 360). So, a house at $216,000 with $600 toward principal will actually cost somewhere around $360000-$400000 after a 30 year loan including taxes, interest, insurance, PMI (if under 20% down payment) etc. Hope that helps!

[@LowkeyXxx]

Only $300 out of the 1k goes to the house. The rest are straight up rippoff which u missed

[@msmarauder37]

This is what detours me from buying a home, I just can't accept the fact they charge you almost more to finance the house than the house itself.

[@emmebot77]

What was not explained is how the principal amount is determined....

[@luislamas3784]

hey men im really confused in some stuffs in trying to get my real state licenses to buy my own house ik sounds crazy but this is how i was gonna try to do it. while i get the money for a dowm payment i was gonna get the real state licenses. get a part time get some experience of how it works. once i have the money i would be ready to get the house. here is where i lack of knowledge . can i get FHA to buy the house and then get a mortgage loan to pay the house and just paid the mortgage. would that be less money pay every month, is it the same thing? whats the best way to do it.

[@jimklemens5018]

FHA doesn't buy houses.

[@ToonymanStudios]

is it possible to get mortgage on a minimum wage?

[@JavyVidana]

You would have to figure out the prices and what your DTI ratio. Check out my latest videos on how to calculate that

[@elenisarris473]

I love your videos, but the music is too Loud

[@JavyVidana]

Thanks Eleni, it has improved overtime.

[@14floresita]

Interested in buying a home but i dont know how to begin with and how to look for realtors any tips/help?

[@JavyVidana]

14floresita thanks for watching! where are you located?

[@14floresita]

Javier Vidana thanks for replying in california

[@JavyVidana]

What part of California?

[@14floresita]

Javier Vidana Santa ana

[@JavyVidana]

I've found someone! Can you text me your email/info? 623-707-9836. Thanks!

[@iplaydrunk9979]

im a first time home buyer live here in las vegas we bought 260k house,(5 BEDS,2 STORY,2005,3 full BATHROOMS,HARD WOOD FLOORING) not that great credit so we use FHA, my monthly is 1900, 3% downpayment oh yeah 200 is for mortgage ins) YOUR INPUT SIR WILL BE GREATLY APPRECIATED

[@monimun9193]

Hello Javier I am interested in hopefully working with you to buy a house. I am a first time home buyer how can we contact you personally?

[@JavyVidana]

Monique Mundo Hello Monique! Shoot me a text or call me at 623-707-9836!

[@JavyVidana]

Just making sure you got this, my number is 623-707-9836! Thanks!

[@Riac007]

500 dollars you say? I am looking for 100k-120k house though maybe 140k if i find something perfect. That's great news

[@mccannhealthcompany8625]

Expeditetools,com helped me with a hacked transfer of $90,000 which I used to buy a house

[@AdamRoberts23]

Do you have this video in Spanish?

[@beverleyfrancis4529]

Is it safe to use my 401k for down payment?. I planning to get a home soon, I am located in florida

[@DanielLopez-pu4hx]

Beverley Francis you can use your 401k but you will have to pay a penalty of 10% if you’re younger than 59 1/2 and you will also have to pay taxes. If the 401k is from a former employer you can transfer it to an IRA which can help you avoid the penalty.

[@beverleyfrancis4529]

Thank you for your quick response!! Well my house is my investment so i'll take the chance and pull that 401k.

[@JavyVidana]

I’m glad Daniel was able to tell you because honestly I didn’t know! What I do know is that I have people pull out of their 401k all the time, it usually is worth the penalties to put a high dp and get a better interest rate. Every case is different, so make sure to talk with your lender.

[@mwbrazier]

You can borrow from your 401k & not have to pay a penalty. You wouldn't have to pay taxes on that money yet either. The catch is that is a 401k loan & so you have to pay it back into your own 401k account. Usually weekly payments will be deducted from your paycheck to pay this back. If you choose to just withdraw the money from your 401k & not pay it back, you can do that too, but then you will have to pay the taxes, plus the 10% early withdrawal penalty.

[@blue03r6]

It should be illegal for a lender to come back to you and make you pay a higher payment a year into the loan. A tax auditor should not be allowed to raise your taxes based in what they think the house is worth

[@cruzruiz5052]

Thanks you. I was like why I'm I paying so much on interest ✌️

[@ZenBusinesswomen]

Awesome vibes

[@alfredruiz5145]

Mortgage calculator

[@kimper7092]

No offense. I want to watch this video, but the music is horrible.

[@jamessisoutham1466]

👍👍👍👍👍👍👍

[@clevontimms24]

We love you too man!! Lol

[@-iIIiiiiiIiiiiIIIiiIi-]

Yo, you gotta stop with that music dude. Trying to take in the information.