![]() ![]() If mortgage insurance premiums cost 1% of your loan amount annually, they would add an additional $225 to your monthly payments (based on 1% of a $270,000 loan, divided by 12). If you've made less than a 20% down payment, mortgage insurance must be included. If your home insurance is $1,200 per year, your property taxes are $3,000 annually, and your HOA fees are $500 per year, this adds around $392 to your monthly payment. The mortgage calculator can estimate these inputs based on the typical costs for a home in your price range, or you can provide exact details to get a more accurate estimate. The calculator adds in property taxes, home insurance, HOA fees, and any mortgage insurance costs. ![]() If you borrowed the same amount through a 15-year loan at 3.2%, your principal and interest payment would be $1,891. For example, if you borrowed $270,000 and took out a 30-year loan at 3.9%, your principal and interest payment would be $1,274. A loan with a longer term typically has a higher interest rate, but the principal payment isn't as high each month as with the payment for a shorter-term loan, since you have longer to pay off the principal. These are based on the loan amount, the interest rate, and the loan type.
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