Things to keep in mind:
1. 30 years = 360 months, 15 years = 180 months, etc.
2. This is a principal and interest calculation. Unless you are not escrowing, you will need to add your monthly Hazard Insurance (Homeowner’s Insurance) and Property Tax Payment into this figure. So, your true payment will be this calculation: P&I + Hazard Ins + Prop Tax
- You can estimate your monthly hazard insurance payment as $75 per month for homes less than $250,000, $85 per month for homes from $250,001 to $400,000, and $100 per month for homes greater than $400,001.
- If you’re in Wake County, you can look up your property tax here. Just enter the address, click the account number, click on Tax Bill, click that account number and then divide the “Total Billed” by 12 months. Other counties have similar features. A good way to estimate this number is to take 1% of the sales price and divide by 12 months (ie. $250,000 sales price * 1% = $2500/year or $208.33 per month).
- If you’re thinking of re-financing, both of these amounts should be on your current mortgage statement.
3. When entering the loan amount, keep in mind that this is after down payment (ie. $250,000 home with 20% down would be a $200,000 loan amount)
4. This does not calculate mortgage insurance. Email or call me (919.260.8013) for an estimate.
5. If you’re not sure what rate you qualify for, I can give you an estimate
6. The calculator works two ways! You can enter the loan amount, or you can enter the payment you are comfortable with, and it will kick out a loan amount for you.
If you need help, call me at 919.260.8013 or email me email@example.com with questions!