How much will my monthly payment be if I buy a home?
Posted by Merrill Jencks on Monday, November 15, 2021 at 6:10 AM
By Merrill Jencks / November 15, 2021
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How much will my monthly payment be if I buy a home?
If you're thinking about buying a home and you want to know how much your monthly payment is going to be? I wanted to show you a more accurate way of calculating it than what the estimated payment is suggested on a lot of websites. If you go to this website freddiemac.com pmms it shows you what the current average 30-year fixed-rate mortgages are. It's this blue line here so right now it's 2.98 so, I'm going to use this house and that mortgage rate as an example okay so when you come here to mortgage calculator.org this is my favorite tool for calculating it.
We'll put in the home purchase the list price as what the actual purchase price is and then this is where you'll put your down payment you can put a dollar amount or a percentage, let's just say that you are going to put 20 down okay, and then your interest rate so again coming back to this right here it says that the average rate's 2.98 percent so we'll just you know just we'll go with around three percent on that and then here we've got a 30-year mortgage I usually just leave the start date alone but then the property taxes it does tell you on Zillow what the property taxes are if you go to price and tax history scroll down a little bit right here 20 20 20 the property taxes for 2019. it hasn't been updated with 2021 taxes yet but they're going to be very similar so just to maybe estimate on the high side we could even say 2100 because you're putting 20 down you're not going to have mortgage insurance so you can put zero for the PMI your homeowner's insurance can vary greatly depending on how much you are doing for deductible and different things like that but let's just assume that you are going to have a 600 a year homeowner's insurance which is relatively typical what I see most people spending on a regular fairly normal house that's owner-occupied and then lastly we have the amount of the HOA which is also on Zillow if there is an HOA so this particular home the HOA is 260 a quarter uh make sure you pay attention to how often that is paid so this works out to 86.67 a month so we'll come in here and we'll put 86.67 a month and then we hit calculate and it gives us a total monthly mortgage payment of 1896 dollars a month.
What does this mean to you? If you're even a little bit interested in learning more about participating in the Phoenix housing market as a seller, buyer, or investor... you NEED to know this stuff! Or at least work with someone who is obsessed with the market stats. Reach out to me today so we can start working on making your real estate dreams a reality!
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