If Your Rate Is Over 4% Then You Need To Give Us A Call
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Mortgage Payment Information
(Principal + Interest ONLY)
Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add to your monthly payment.
Monthly Residential Taxes
Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value.
Let's say that your property's assessed value is 85% of what you actually paid for it - . This would mean that your yearly residential taxes will be around . This could add to your monthly payment.
Total Monthly Payment:
(Principal + Interest + PMI + Residential Taxes)
The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05) = X ( / 100)
The interest rate = The annual interest percentage divided by 100 = % / 100
The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year) = / 12
The month term of the loan in months = The number of years you've taken the loan out for times 12 Months = Years X 12
The montly payment is figured out using the following formula: Monthly Payment = * ( / (1 - ((1 + )-())))
The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.