Mortgage quote selection

Papote

I am purchasing a home in a rural area and have 4 different quotes. I am trying to figure out which one is the best bet without considering adding to downpayment. I have about $25K to work with. I am assuming that the line that states "Cash from/to the borrower" is what I have to pay upfront as closing costs and/or down payment. Please correct me if I am wrong.

Loan Type: USDA Rural @ 3.00% interest

LTV: 100%
Closing costs $7,204.78

Monthly Principal & Interest $582.93
Mortgage Insurance $57.06
Hazard Insurance $22.58
Total Monthly $662.57


Loan Type: USDA Rural @ 3.25% interes

LTV: 99.63%
Closing costs + Down payment $4,326.70

Monthly Principal & Interest $599.52
Mortgage Insurance $56.87
Hazard Insurance $22.58
Total Monthly $678.97


Loan Type: Conventional @ 3.50% interest

LTV: 95%
Closing costs + Down payment $12,035.42

Monthly Principal & Interest $575.90
Mortgage Insurance $66.26
Hazard Insurance $22.58
Total Monthly $664.74


Loan Type: FHA @ 3.50% interest

LTV: 96.49%
Closing costs + Down payment $7,165.01

Monthly Principal & Interest $597.43
Mortgage Insurance $91.81
Hazard Insurance $22.58
Total Monthly $711.82

At first glance the Rural @ 3.00% seems the best deal in terms of monthly payments, but would have to give a bigger upfront cost. Conventional is the runner up, but the upfront is even higher, but I will be adding it to principal. Also, how would the insurance fees affect me in the future.


I was going to post the actual quote links, but I cannot post hyperlinks, yet.

I would like for you guys to weigh in and help me out.
Thanks.

amnblog

This is a UK site.