Actual Monthly Mortgage

Jverojoe
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I'm a first time buyer, and looking to buy in the West San Fernando Valley (Winnetka). According to some calculations, purchasing a home for $330,000, the monthly mortgage comes out to about $2000. FHA loan, 3.5% down, at 6%. Now I know that $2000 a month is not what I'm actually going to pay. There is PMI, Tax and whatever else gets added to the mortgage. Does anyone know what else gets added and exactly how much my TRUE monthly mortgage will come out? Thanks in advance for your responses.

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July 17 2009 - US

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real estate mike
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Also your buyers agent can assist you with getting a very close estimate. There are also hoa dues to consider on some properties I believe your resource for property taxes is sbcounty.gov They should have tax rates listed there. There are also usually tax exemptions which lower the yearly tax bill(varies). Your lender will know your montly p.m..i amount. best of luck to you!

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July 17 2009

sunnyview
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Zillow has a calculator here that will help estimate mortgage and PMI. You would have to estimate the taxes and the insurance yourself since they vary from area to area. See if the house has a yearly tax amount listed on the Zillow main house page or if the town or county assessor has tax rates available for your area onine. Many do. As for insurance, most houses are about $50-75 a month as a general rule of thumb. Some more some less and that does not include flood insurance. If you estimate taxes and insurance the Zillow calculator will help do the rest by throwing PMI into the mix. That should get you pretty close.