What will your monthly mortgage payment be?
In the market for a new home? Find out how much you re likely to shell out each month for a new address.
PRINCIPAL & INTEREST:
$
TAXES & INSURANCE:
$
*PMI:
$
TOTAL:
$
ABOUT THIS TOOL
*Term: We've assumed a 30-year term
*Property taxes: We've assumed a 1.5% property tax on the purchase price. Your rate, and ultimate tax bill, may differ significantly. For a more accurate total payment, enter your own estimated annual taxes.
*Homeowners insurance: Uses an annual premium of $0
*PMI: Your total payment includes an estimated $80 fee for private mortgage insurance (PMI) if your downpayment is less than 20% of the purchase price. Average PMI runs $50 to $80 per month on a median priced home of $159,000, according to the Mortgage Insurance Companies of America. But it can climb to $150 per month or more.
12/07/07Use a 'short sale' to escape foreclosure. If you owe more than your house is worth and can't afford your payments, you might be able to sell it for less than you owe -- without having to pay the lender the difference. read more
12/01/07 On Thursday, Gov. Schwarzenegger visited the Fair Housing Council of Riverside County, where he met with public officials from Riverside and San Bernardino counties and explained how a temporary interest rate freeze might reduce foreclosures expected over the next two years when 500,000 higher risk, subprime mortgages in California are scheduled to jump to higher rates. read more
12/01/07 WASHINGTON - The Bush administration is working with the mortgage industry on a plan to extend lower introductory interest rates on home loans before they reset at higher levels. read more
10/14/07 The interest rates on some two million adjustable-rate mortgages will be reset over the next two years, according to an estimate from the Department of Housing and Urban Development, and of them, about 500,000 are expected to go into default. read more
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