Your total monthly house payment is more than just the mortgage. Make sure to consider the following expenses when estimating your house payment:
- Principle and Interest – depends on your loan amount, interest rate and loan term ( length of time to pay off a mortgage ). Common loan terms are 30 Year Fixed Rate Mortgages and 15 Year Fixed Rate Mortgages.
- Mortgage Insurance – Mortgage Insurance may be required when the down payment is less than 20%.
- Property Taxes – The local assessor’s office is the best resource to use for estimating property taxes. Take the annual amount of property taxes and divide by 12 to estimate the monthly amount.
- Homeowner’s Insurance – It’s important to shop for homeowner’s insurance as rates can vary from one company to the next.
- Homeowner’s Dues – Planned Unit developments and Condo Associations often require monthly dues.