CALCULATING YOUR MONTHLY PAYMENT:

HOW TO CALCULATE A COMPLETE MORTGAGE PAYMENT?

When calculating a mortgage payment, it is important to consider the principal and interest that make up the bulk of your monthly payment. In addition, you will also need to factor in any taxes, insurance costs, mortgage insurance premiums, and homeowner association dues that may be applicable. By carefully assessing all of these factors, you can calculate an accurate estimate of your mortgage payment, which will help you to better manage your finances and plan for the future. Lenders often make it seem very confusing when they calculate your monthly payment, but it’s actually really easy. Here is a complete breakdown so you can figure out your monthly payment:

Principal & Interest: Go to google and type “Mortgage Calculator” type in the loan amount and interest rate. Now you have the bulk of your payment.

Taxes: Go Google search “INSERT COUNTY assessor” so “benton county assessor” and then look up the property. You will find the exact taxes. Divide the yearly by 12, now you have accurate numbers.

Home Insurance: You can ask your insurance agent to get you a quote, or estimate around $100.

Mortgage Insurance: Depending on how much you are putting down you will need PMI. Ask your lender for a ballpark $.

HOA’s: Ask your realtor if there are any Homeowners Association dues.

MANY ONLINE TOOLS ARE WRONG

The online tools are rarely accurate, I like to calculate the monthly payment myself just to double check.

If you would like to sit down with me and review your unique situation I would love to help. Give me a call at 509-737-7161 to get an appointment scheduled.