Home Insurance Estimate Calculator
have a question about monthly mortgage payment…?
alright, buying my first house, so sorry if this is a dumb question. i’ve seen the mortgage calculators that you put in the estimate cost of your home and down payment and it gives you your monthly cost. well they say that the amount does not include insurance or other charges. so just wondering how much monthly are these other costs? like if it says my estimate monthy payment is $850, how much can i actually expect to pay with all these other charges.
oh and also how much money other than the down payment can i expect to pay up front, like closing costs, and whatever else there is?
all right, thank you
Okay this question is so hard to answer not knowing where you live or values. I will give some advice.
First time homebuyers normally have a 3% downpayment. this will affect your MI Premium.
If you are going FHA its 1.5% of mortgage insurance upfront. That is added to your loan. Then its .5% of your mortgage. So say its 100,000 loan. They add 1.5% to that loan and your montly payment would be around 42 dollars a month for mortgage insurance FHA. FHA is always the same reqardless of what you put down. Its 1.5% and .5% monthly divided for a year.
Now lets say its conventional. That will change at 97,95,90,85% of your down payment. You put 3% down your rate will be one thing. You put 5% down it will be another.
http://www.mgic.com/is/html/ratefinder.html
That will tell you the rate. When calculating this if you want to play your coverage will be 35%. When it asks for that. At 100K im showing 80 dollars a month. Its more expensive then FHA per month but you dont have the upfront that makes your payment cheaper.
For Hazard Insurance I use .3% of the home value. So I would say 300 dollars a year. So 25 bucks a month (assume you are not in a flood zone)
Taxes I use .8% So 800 a year so 66.66 a month.
This is based on a $100,000 loan. If you use those figures they wont be exact but they should be close. So on my example lets say you do $100,000 loan at 5.75% rate.
Here is your breakdown.
583 principal and interest
66 Taxes
82 Mortgage insurance (assuming 3% down and not FHA)
25 hazard insurance.
Its basically always going to be around 25-30% more then your payment.
Good luck.
