Purchase & Financing Information
Sale Price of Home: (In Dollars)
Percentage Down: %
Length of Mortgage: years
Annual Interest Rate: %
 
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Mortgage Payment Information
Down Payment: $12,500.00
Amount Financed: $112,500.00
Monthly Payment: $674.49
(Principal & Interest ONLY)
 
Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $61.88 to your monthly payment.

Monthly Payment: $736.37
(Principal & Interest, and PMI)
 
Residential (or Property) Taxes are a little harder to figure out...

Let's say that your property's assessed value is 85% of what you actually paid for it - $106,250.00. This would mean that your yearly residential taxes will be around $1,487.50 This could add $123.96 to your monthly payment.


TOTAL Monthly Payment:

$860.33
(including PMI and residential tax)


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