The FOCUS on NoVA Real Estate Team explores what your monthly mortgage payment may be for a $700,000 property in Alexandria City’s Dyes Oakcrest neighborhoods.

Hello this is Tracey Barrett with the “What Do You Get For” series.

Today I am standing in Alexandria right off of Quaker Lane at a lovely little location next to this Cape Cod that we’re getting ready to put on the market. This one will be listed at $700,000. It is a cape cod built in 1950. It was renovated first in 2010 then again, right now, see dumpster renovation. There are four bedrooms and two full bathrooms, one upstairs and one on the main level. There are two bedrooms are upstairs and two more bedrooms on the main level. The total finished square footage is 1512 square feet with an unfinished basement that does have a rough in for a bathroom and walk up stairs to outside. It sits on 0.11 acres just off of 395 northbound.

So what do you get with a 20% down payment, assuming a 30-year fixed-rate mortgage at 4%? Utilizing the Atlantic Coast Mortgage Mortgage Calculator you would put down $140,000 for 20% your monthly principal and interest would be $2673.53. With your principal interest taxes and insurance, or PITI, being $3,367.69.

At 10 percent down, so a little less cash, you would then be putting down $70,000, your total monthly payment would be $4,048.38.

So what if you’d like to conserve a whole bunch of cash and only put down five percent for a total of $35,000? What that would do to your monthly payment is it would go to $4,234.73.

The moral of the story is, if your paying rent a for single-family home in this area, you could own your own home for these prices.

For any questions or to discuss this further feel free to check out the Atlantic Coast Mortgage Calculator or contact the FOCUS on NoVA team today. I’m Tracey Barrett, Associate Broker with Century 21 Redwood Realty.