HOME PAYMENT ESTIMATOR
Click on the Desired Scenario
DISCLAIMER: The purpose of this model is to demonstrate the approximate variance in relative cost from one home price level to another. This tool is most useful to someone beginning their home search, and not someone determining the actual monthly cost of a specific home. This is not an advertisement for loans or loan pricing. The prices, fees, rates, and calculations shown here are only rough estimates of hypothetical scenarios; actual costs will vary - in some cases substantially. The interest rate shown here is not being represented as being available, it is included for purposes of demonstration only, and may not be available now or at the time of your purchase. This rate does not represent an APR (annual percentage rate) which is not pertinent to this calculation. Some, but not all, of the factors in determining your interest rate will be the amount that you borrow, your credit history, earning history, and financial position. Actual payment and rate information should be obtained directly from a lender or mortgage broker. The Loan Payment shown above is based on a 30-year amortization, as calculated by the standard defaults in an Microsoft Excel spreadsheet, this may vary from a lender's calculation, it includes both principal and interest. The PMI (personal mortgage insurance) estimate is based on 3/8 percent per annum above 80% LTV (loan to value) and 5/8 percent per annum above 90% LTV (these rates are only an estimate and will vary). The Property Tax is estimated at 1.2% per year of the gross purchase price, this will vary based on location, assessments, bonds, etc. (these rates are only an estimate and will vary). You can research property tax rates at your local tax assessor's office. There are other costs typically associated with home ownership including but not limited to: insurance, maintenance, and homeowner's association dues. All costs should be evaluated before purchasing a home. There is no guarantee that you or anyone else could buy a home at these prices and under these scenarios in your area. The information and calculations above are deemed reliable, but not guaranteed.