Profile picture for davisho

why do these houses already have a month payment amount without knowing closing calculations?

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June 09 2010 - Kansas City
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Answers (5)

Profile picture for Pasadenan
Actually, it is just extrapolated off of the Z-estimate, or the list price, or the Make-me-move amount, assuming 20% down, and the Median 30 year fixed loan rates presently being quoted on Zillow Mortgage Market Place for those with FICO's above 680.

It is just to give you a ball park starting figure for comparison.

Closing costs should not directly impact the monthly payments unless you have to borrow more to cover them.

I have not checked to see if Mortgage insurance, property insurance, or property taxes have been factored in to the estimated monthly payments, but I don't think any of those are, so you need to add those yourself.  You also need to add in any HOA fees. (And don't forget expected maintenance costs).

If you are not putting 20% down, you obviously need to run the calculations yourself regardless.
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June 10 2010

The figures are meaningless, just ignore them. If you buy with less than 20% down and use the calculator, like 10% down ( MI not shown in the PITI estimate ) or 3.5% down using FHA ( UFMIP not figured into P & I nor is the monthly MI payment), they are not close to being accurate. Even if you put down 20%, figures are assuming a 740 Fico, estimating taxes & insurance, and using a rate that may or may not be applicable. Closing costs are not calculated at closing, they are calculated at the time you apply for a mortgage and can affect the monthly payment in some situations. The payment estimates are basically a paid advertisment.    

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June 10 2010
great answer Drew... short and sweet!
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June 10 2010
Monthly payments are calculated based upon PITI (Principle, Interest, Taxes & Insurance).  With an estimated loan amount, interest rate, prior year's property taxes and insurance costs, one can estimate the monthly payment.

Closing costs are calculated at, yes, closing, but have no relevance to the monthly payment.  Thus, Zillow is able to estimate the monthly amount.
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June 09 2010
It's just a round estimate.  The down payment, closing costs, seller concessions, and sale price are all unknown at this point.
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June 09 2010
 
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