Avoid Deceiving Mortgage Calculators

Dated: 02/28/2018

Views: 42

Isn’t it frustrating when you try to use an online mortgage calculator to figure how much house you can afford monthly, only to eventually learn later that the calculator did not account for additional costs such as taxes, insurance, PMI, ect?  These sorts of calculators may have you thinking you should be focusing on houses that may be double the price of what you really should be looking at.

I have found some websites that suggest for every $100,000, your estimated monthly payment may be $725.00.  However, depending on the type of loan…this figure may be a little higher due to interest rates and/or the cost for private mortgage insurance.  Also, as home insurance and tax rates fluctuate, perhaps it may be better to estimate that for every $10,000 of a sales price, figure $100 for a monthly mortgage payment.  

Here are a couple of things that may help give you a more realistic idea of the listing prices you should be looking at:

  • What is the monthly mortgage payment you are comfortable paying?  Remember, this payment will only include the mortgage, interest, property taxes, and home insurance.  HOAs, utilities, and maintenance costs are not included and should be considered

  • Take a look at the county’s central appraisal district website when trying to calculate what the property taxes may be.  For areas around the Killeen/Fort Hood area - coryellcad.org, bellcad.org, lampasascad.org.

  • You can call a couple of local insurance companies to try to obtain an average of cost for homeowners insurance.**

  • Finally – talk to a lender.  They can provide you with a more accurate figure of what a mortgage payment will be. **

**You’ll have to provide some information: county, square footage, listing price.  Perhaps if you find a listing that really interests you, you can use this listing’s information.

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