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This comprehensive mortgage calculator provides a full picture of what you could possibly expect out of your mortgage payment.  There are a few very important factors to keep in mind:
 
 

 

 

 

 

 

 

 

 



I have a video under the Education section of this website titled "Estimating Mortgage Payments" that can provide further assistance with this calculator, as needed- or, please feel free to reach out to me directly and I'll be happy to help.



 

  1. Property taxes WILL vary by property.  With the exception of California, taxes will be based on the assessed value of the home and not what you purchase the home for.  This means estimating based on the purchase price will, in most cases, yield a higher monthly tax amount than that of a specific property in mind.  This is good news for most buyers, but nonetheless will make budgeting a little more challenging. Click here to estimate taxes, if you do not have a property or specific tax amount.
     

  2. Insurance premiums will vary by area, from property to property, and individual to the person(s) taking out the policy.  However, Nerd Wallet has a unique tool in this article, that will allow you to see average insurance premiums by zip code.
     

  3. Finally,  Mortgage insurance is a tough one to calculate because it is based on many factors including the loan scenario and individual qualifications.  In most cases, I am able to qualify individuals with a PMI rate of 55 basis points (0.55%) or better.

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