how much do you pay monthly for your home? (real estate, insurance)

[alcidesvigo99]

We did a lot of the mortage calculators online, but they are all different. This is getting confusing. We want to have a "real" idea of how much a house payment + taxes will be.

[mlv311]

I don't think anyone's answer will help your particular situation. It will depend on the price of the home you buy, how much you put down as a down payment, what type of loan you get, what interest rate you pay, if you have to take a second loan because you don't have enough for a down payment, where the home is located, etc. If your credit is excellent, you can negotiate a low interest loan with a mortgage lender. If you get help with closing costs from the seller (including money for points), you can get a lower interest loan.

[jhrichmond]

The last post was dead on. Here's the scenerio of a recent buyer of mine:
Price of house: $315,000
80/20 loan
interest rate of 5.95 (pretty good not not perfect credit)
due at closing (including 20% down payment): about $74,000
monthly payment (including insurance and taxes): about $1,700

[jmarkd]

P+I+T+I = Principal + Interest + Taxes + Insurance

Principal + Interest = you can get this from an online mortgage calculator if you know your balance and interest rate.

Taxes = These vary widely by county. Most towns have some taxes as well. County websites or specific real estate listings will give you the details you need.

Insurance = Homeowner's insurance.

Taxes + Insurance are usually part of your monthly mortgage payment. What they do is add T+I to your P+I, put it in an escrow account, and your mortgage company pays your taxes and homeowner's insurance.

The escrow exists to ensure your house doesn't lose value, because if you default the lender doesn't want to be stuck with unpaid taxes. If a tree falls on your roof, your lender wants to make sure you have insurance so you can fix it, for the same reason.