CALCULATE YOUR MORTGAGE PAYMENT
This easy-to-use calculator is a useful tool in estimating your monthly payment – including property taxes and closing costs.
While this contains some estimated costs for taxes, insurance, PMI and closing costs, it’s obviously more accurate if you can get these factors from the source.
If you need help with this, contact us and let us know (i) your address, (ii) if you are a buyer or seller, and (iii) the purchase/sale price, and we can get an estimate for you.
- Property taxes: Go to your county appraisal district site and search/lookup your address. There you will find a section that lists all the entities that participate in those taxes – if it doesn’t already total those percentages, then add them for a total tax rate. Once you have that rate, input into the calculator. A few DFW and surrounding area counties are:
- Homeowners Insurance: make a call to your insurance company and see if they can give you a % ratio to use, or use the default provided as an estimate.
- PMI: If you are putting less than 20% down, then you will likely have to pay private mortgage insurance (PMI). Private mortgage insurance typically costs between 0.5% to 1% of the loan amount annually. On a $100,000 loan this means the homeowner could be paying as much as $1,000 a year, or $83.33 per month – assuming a 1%PMI fee.
- Closing Costs: Buyer closing costs can range from 2% to 5%, and seller closing costs from 2% to 7%. If you need a specific estimate for your home’s closing cost, then please Contact Us.