How much will my estimated mortgage payment with taxes and insurance be?


The estimated mortgage payment with taxes and insurance will depend mainly on your location, homeowners' insurance coverage and private mortgage insurance (PMI). You might also have to pay other fees with the monthly payment, or additional insurance policy may be required by the lender.

Estimating Correctly the Mortgage Payment

Once you know your loan amount, term and interest rate you can calculate the principal and interest (PI) part of the PITI payment. Taxes will vary by area; if you don't know yours, try using 1.30% annually. PMI depends on your LTV - 95 -100% LTV is around 1% , 90-95% LTV - around .85%, 85-90% LTV - around .6%, 80-85% LTV will be around .35% annually.

To calculate the mortgage payment once you know the abovementioned details, now you'd better use a mortgage calculator. Of course, you could write it down but you could make use of the availability of mortgage payment calculation tools that exist - software packages, online calculators or excel spreadsheets.

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