3 Bedroom Fort Collins Homes $1,400 to $1,500 Per Month

IMPORTANT NOTE: This is not an offer of financing or an offer of credit and it is done purely for being able to sort the homes for sale for you. While it is based on how loans work in general it is not a specific loan product and is not intended to be interpreted as such. Your ability to get a loan will depend upon your approved credit with a lender (not me).

The following shows the current 3 bedroom homes for sale ranked by price (lowest to highest) in Fort Collins that have payments between $1,400 and $1,500 per month (see below for a detailed description of how I calculate this).

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Monthly Payment Chart and Links To James Orr's Analysis Of Each Property

Click on the property address to see my detailed analysis of that property or click on the MLS to see the Multiple Listing Service information including photos of the property. Or, check out the Home Buying Process Overview to learn about the process of buying a home.

Rank Address Status Price Payment
1 705 E Drake Rd, Unit 38 MLS For Sale $162,500 $1,471.47
2 1024 Oxford Ln, Unit 43 MLS For Sale $175,000 $1,436.43
3 3815 Lochside Ln MLS For Sale $189,900 $1,426.96
4 1102 Berwick Ct MLS For Sale $199,500 $1,482.27
5 3832 Celtic Ln MLS For Sale $212,500 $1,486.89
Alternative Property Lists
Other Payments: $1,300 - $1,400 $1,500 - $1,600
Other Bedrooms: 2 Bedroom 4 Bedroom
Other City: Fort Collins, Longmont, Loveland, Windsor

How I Calculate Payment

I do these calculations just to be able to say with the assumptions detailed below the payment is likely to be in the range of $1,400 and $1,500 per month.

IMPORTANT NOTE: This is not an offer of financing or an offer of credit and it is done purely for being able to sort the homes for sale for you. While it is based on how loans work in general it is not a specific loan product and is not intended to be interpreted as such. Your ability to get a loan will depend upon your approved credit with a lender (not me).

With that being said, here are the assumptions that I've used to do the calculations for the monthly payment:

  • Interest Rate: I've used an interest rate of 4.625% (estimated annual percentage rate of 5.09%). I have kept it as a fixed interest rate for the entire life of the loan.
  • Loan Term: I've used a loan term of 360 months, which is a 30 year mortgage.
  • Property Taxes: I've included the estimated county property taxes by taking the estimate provided by the listing agent (usually for the most recent year) and converted that into a monthly amount to include in your monthly payment. This is usually how it is done by having the lender escrow the property taxes payment and collecting 1/12 of the total every month.
  • Home Owner's Association Fees: I've included the Home Owner's Association (HOA) fees provided by the listing agent and adjusted them to be a monthly amount even if they are annual, quarterly or monthly. Of course, if there is not an HOA fee for a particular property, I've gone ahead and used zero for that.
  • Down Payment: I've assumed a down payment of 3.5% of the purchase price. That means you're borrowing 96.5% of the list price for my calculation. There are other loan programs that are nothing down programs like VA for veterans and USDA for rural homes. In addition, there are from time to time even lower down payment programs like the $100 down payment program for HUD homes. And, there are several local down payment assistance programs to reduce your down payment to as low as $1,000. All other things being the same, if you're putting down less than the 3.5% I've used for my assumptions your payment will likely be a little higher than my estimate. And all other things being the same, if you put down more, your payment will likely be lower. You can get the exact terms and conditions of loan programs from a lender.
  • Mortgage Insurance: I've included two separate types of mortgage insurance since we're using a 3.5% down payment. If you put enough down, you can eliminate these mortgage insurance costs; your lender can talk to about how that can work. It is one of many strategies I share as part of my Lowest Monthly Payment Guarantee™.
    1. With many loans there is a one-time, up front mortgage insurance payment that can often be financed right into the loan. I've used a 1.75% one-time, up front mortgage insurance premium in my calculations.
    2. With many loans there is on-going mortgage insurance payment that is paid monthly. I've used a 1.35% of the loan amount mortgage insurance payment that, when divided by twelve for monthly payments, is added to the amount of the monthly payment. I've included that in the calculation as well.
  • Homeowner's Insurance: I've included an estimate for homeowner's insurance in the calculation. This is probably the biggest guesstimate of the entire calculation since insurance rates vary widely depending on a number of factors including home age, construction, how much insurance coverage you're actually buying and your credit rating. I've used an estimate of 0.400% of the value of the home per year and then coverted that to a monthly payment amount. This is purely a best guess, but I feel it is in the ballpark. Like property taxes, home owner's insurance is often escrowed by the lender and 1/12 of it is added to the monthly payment which is how I've calculated it for you.

So, that's how I calculated it. Call me, James Orr, at (970) 225-6989 or contact me with any additional questions or for help buying or selling a home in Fort Collins or Loveland.

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