Mortgage payments dissected! Let's look at 3 different home price points with examples of what their payments might look like*.
*All estimates assume a 20% down payment and 6.58% mortgage rate; read to the end if you plan to put down less.
$400K
Principal & Interest: $2,021
Property Taxes: $417
Homeowner’s Insurance: $100
Total Monthly Payment: $2,538
$450K
Principal & Interest: $2,274
Property Taxes: $469
Homeowner’s Insurance: $100
Total Monthly Payment: $2,843
$500K
Principal & Interest: $2,527
Property Taxes: $521
Homeowner’s Insurance: $100
Total Monthly Payment: $3,148
If you put down less than a 20% down payment, you'll also need to add private mortgage insurance (PMI) which ranges from 0.22% to 2.25% of your mortgage (as of 2024).
Disclaimer: These numbers are estimates. When the time is right, you’ll work closely with a reputable lender to determine your actual numbers (reach out to us for recommendations!).
This is Where Your Dollars Go
- By Lisa Bassett
- Posted
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