Monthly payment, broken into its five parts
Most people quote each other principal and interest and then get surprised by the rest. Taxes, insurance and mortgage insurance routinely add several hundred dollars a month here.
- Runs
- In your browser
- Data sent
- None
- Figures
- Samples
Work out the whole payment
Change any field and the panel updates. The default figures are placeholders chosen so the arithmetic is easy to follow.
Estimated monthly payment
- Loan amount
- $315,000
- Principal and interest
- $1,991
- Property tax
- $277
- Homeowner insurance
- $110
- Mortgage insurance
- $144
- Association dues
- $0
Total monthly$2,522
Included at a sample 0.55% annual factor
How to read this
Principal and interest is the only part your lender actually controls. Everything else is the county assessor, an insurance carrier, a mortgage insurer or a homeowners association.
Mortgage insurance is the line worth attention. On a conventional loan it is risk-based, so the same price and down payment can carry very different monthly factors depending on your credit tier and which insurer the lender uses. It also terminates: at 80% loan-to-value you can request cancellation, and at 78% it drops automatically.
Two homes at the same price can carry very different totals. A condo with $310 of monthly dues, a property in a special assessment district, or a home insured at a higher premium because of its roof age all move this number without moving the price.
What it assumes
- Rates used as defaults are placeholders chosen to make the arithmetic readable, not quotes.
- Property tax is entered as an annual percentage of the purchase price and divided by twelve.
- Mortgage insurance is estimated at a sample 0.55% annual factor whenever the down payment is under 20%.
- Homeowner insurance and association dues are whatever you type in; they vary enormously by property.
- Nothing here accounts for your actual credit tier, occupancy, property type or lender adjustments.
Every figure produced here is a sample for illustration only. It is not an offer of credit, not a quote, and not a commitment to lend. Mortgage insurance is estimated at a sample 0.55% annual factor.
Rates and costs
Not covered here? Call (505) 555-0135 or send us a note. Se habla español.
Because a rate without a file behind it is a guess. Your rate depends on credit tier, loan-to-value, occupancy, property type, loan amount and which lender ends up with the file. Send documents in the morning and you will have real numbers from several lenders in the afternoon.
Only if you will hold the loan past the break-even month. One point is 1% of the loan amount, and what it buys in rate changes daily. We show the break-even in months on the comparison sheet rather than quoting the rate alone.
Once you are under contract and the appraisal is ordered, in most cases. Some panel lenders offer a one-time float-down if rates improve after you lock, and extended locks exist for new construction.
Extensions cost money and worst-case repricing costs more. This is one of the few situations where being a broker helps directly: we have moved a file to a different panel lender mid-process rather than pay a punitive extension.