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Old 06-27-2012, 09:37 AM
 
Location: CT
11 posts, read 23,875 times
Reputation: 11
Default Estimating property taxes and homeowners insurance in addition to your mortgage?

Looking on realtor.com they can give you an estimate based on how much you put down. But how does one estimate how much on top of that they will have to pay for property taxes, homeowners insurance and mortgage interest?
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Old 06-27-2012, 09:50 AM
 
Location: Mississippi
342 posts, read 265,603 times
Reputation: 222
For the property tax, take the assessed value, multiply it by the town's mill rate and divide by 12, that's your monthly property tax. I'm not sure about the PMI, and homewoners will vary.
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Old 06-27-2012, 10:25 AM
 
Location: 35 yrs CO, 3 yrs CT
1,414 posts, read 1,312,288 times
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For prop tax, use Zillow - Real Estate, Homes for Sale, Recent Sales, Apartment Rentals instead of realtor.com. Zillow listings show actual prop tax

For insurance, call your insurance agent for quote of actual property. Too many variables for guesstimates.

For mortgage interest, that is already in the monthly quote you get on the on-line calculators (P+I)

If low down payment, PMI (Private Mortgage Insurance) could be extra. Ask your lender.
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Old 06-28-2012, 10:23 AM
 
Location: CT
11 posts, read 23,875 times
Reputation: 11
What if someone doesn't have a lender though and they are trying to figure out if they can afford to buy.
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Old 06-28-2012, 10:46 AM
 
48 posts, read 39,648 times
Reputation: 24
PMI Calculator

Try this, plug in your numbers and you should get a decent estimate.
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Old 06-29-2012, 04:25 PM
 
Location: Cheshire
56 posts, read 132,241 times
Reputation: 33
You really should start with choosing a lender and getting prequalified. They can easily run the numbers for you and will have hands on experience with estimating the costs of pmi, taxes etc. It will save you alot of time.
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Old 06-29-2012, 04:30 PM
 
Location: Texas
27,328 posts, read 21,012,224 times
Reputation: 31940
??????.

Most mortgage calculators give you all that info.

Just Google it.
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Old 06-29-2012, 05:35 PM
 
Location: Glastonbury,CT
42 posts, read 42,971 times
Reputation: 29
Quote:
Originally Posted by freckles81 View Post
What if someone doesn't have a lender though and they are trying to figure out if they can afford to buy.
You can go to the bank where you have an account and speak to a home loan officer or go to a mortgage broker. Getting yourself preapproved will make you a more confident buyer and strengthen your offers. Make sure your lender has the necessary information that they need. The more information you provide, the less chance of you being disappointed at the end of a long home-searching and negotiation process. It does not cost you anything. You should have it done.
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Old 06-30-2012, 06:48 AM
 
5,035 posts, read 1,911,199 times
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Just keep in mind that you can expect your property taxes to increase yearly so you'll owe a check to make up the increase on top of what you're paying each year. I know in my town, the mill rate has gone up the past two years since I've moved in. I wish my salary would go up as much and as often as these damn taxes
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Old 06-30-2012, 03:36 PM
 
Location: Guilford, CT & NYC
168 posts, read 100,089 times
Reputation: 94
Homeowners tax could be found in assessor's office or online in the town website. Vision Data Appraisel does most of CT. An insurance agent could give you a good estimate of coverage. Add these two up and divide by 12 and add to monthly mortgage est.

Please don't go house rich like a lot of people do where they can not even buy furniture or keep up maintenance.
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