Monthy Principal & Interest Payments
Estimated Monthly Payment Factors per $1000 on a 15 and 30 Year Fixed Rate Loan.
If you're checking out homes for sale in the DFW area, you will at some point want to determine if you can afford the payments. Most of the big, national websites offer payment calculators, but it's stunning how often they've gotten the local taxes and insurance wrong. If you're like me, you've noticed national calculators with preset tax rates anwhere from .7 & to 1.2%. DFW area taxes are more typically over 2% with areas like North Ft. Worth running close to 3%. If you like to do-it-yourself, the tables below will help get you started. Or, if you don't have the confidence just yet, call me and I'll run the numbers for you or show you how.
To estimate your monthly principal and interest mortgage payment, divide the loan amount by $1000 and multiply by the payment factors below for the interest rate and loan term you are considering. This factor does not include property taxes. If you don't know a home's taxes, you can generally estimate the basic annual taxes by multiplying 2.5% times the purchase price of the home. You will also have homeowners insurance and a good swag for that is .6% per year. (Divide the result by 12 for the monthly insurance payment.) And don't forget, you may have homeowners association dues or pmi to consider as well. Still confused? Contact Cindy and we'll walk you through all the scenarios.