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| *Loan,banking and credit>>>mortgage insurance |
How do I estimate an as accurate as possible mortgage/taxes/insurance monthly payment? |
I would like to know pretty much exactly what my monthly payments will be on a home that is $69900, with $7000 down, 6.25 % interest. County, village and school taxes are $3000. Thank you! The Equation is as follows- 69900-7000=$62,900 The payment for a 30 year mortgage without PMI and Insurance= 387.29+250 per month in taxes = $637.29 The payment for a 20 year mortgage without PMI and insurance= 459.75+250 per month in taxes = $709.75 You should look into the possibly of PMI and the approximate cost of homeowners insurance to get the most accurate cost of home ownership. Additionally you should budget another 1% the homes value for annual maintenance. $387.29 for P/I $250.00 for Taxes ??? for Insurance. Once you know how much your annual insurance premium will be then do a search for "mortgage calculator" Plug in the variables and you will get your answer. Best of luck Mortgage Broker, http://losethearm.com Principal and interest payment : $387.29 Taxes : 250.00 Estimated Fire Insurance : 25.00 PITI $662.29 20+ years as a direct mortgage lender It all depends on how long you plan to have a mortgage for and how long the rate is for. An example is your mortgage amortized for 30 years, but the rate is good for 5 years, $392.00, amortized for 25 years, rate for 5 years, $420.00. There are plenty of mortgage calculators on the web, http://www.canadamortgage.com/calculator... this one will calculate your mortgage payment based on amortization period and the term. http://www.cmhc-schl.gc.ca/en/co/buho/bu... this one will show you how much you can afford with monthly payments. Also check your financial institutions' website for similar calculators. CMHC, canadamortgage.com |
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