Estimate the payment before you tour.
Taxes, insurance and mortgage insurance included. The defaults are the same ones behind the payment on every listing card.
Your income
Car loans, student loans, card minimums and child support. Leave out rent, utilities and phone.
The home
Home price
Calculated from your income
The loan
Loan type
Term
Taxes and insurance
How the loan pays down
Principal paid that yearInterest paid that year
Where the numbers come from
Interest rate6.5%, fixed. Your rate depends on credit, loan type and the day you lock it. A lender quote replaces this.
Property tax1.6% of the price per year, a safe, high estimate. Every listing shows the actual tax from the county.
Insurance$1,500 a year. The real quote depends on the house, the roof and your deductible.
Mortgage insuranceFHA: 0.55% a year plus 1.75% upfront. Conventional PMI: about 0.25% to 0.55% a year below 20% down. VA: none monthly, 1.25% to 2.15% funding fee. USDA: 0.35% a year plus 1% upfront.
Closing costs3% of the price, a safe, high estimate. Sellers can pay part of this, and I will tell you what to ask for.
AffordabilityTotal monthly debts, including the new payment, capped at 43% of gross income. Some lenders approve more, some less.
Estimates only. This is not a loan offer or approval. Your lender sets the rate, mortgage insurance and closing costs.