What will my monthly payment be?
In order to use this calculator properly, you will need to know a few things about the property you wish to buy or refinance. If you wish to find out only what your principal and interest cost is, leave the “Property Tax” and “Property Insurance” fields empty. This will give you your principal and interest calculation only.
If you want a full picture about what your monthly payment will be, you should put in the property tax and estimated property insurance. Property tax records can be found online for every property as they are public records. For help gathering these estimates, please call us or follow the guides on our website.
PMI (short for private mortgage insurance) should be entered if you plan on putting a down payment of less than 20% of the purchase price. This amount is hard to estimate and it usually requires a phone call to us so we can give you an accurate measure of what it may be. It can be anywhere from 50-60 dollar per month all the way to 300-400 per month so it would be best to give us a call first so we can help you estimate correctly. If you are unsure and want to just put something in for now, go ahead and put in 0.500 as the PMI. You can also leave it blank but please understand that this will be added to your monthly mortgage payment if you are under the 20% down payment thresh hold once you begin the loan process.