Purchase & Financing Information
Sale Price of Home:
Down Payment Amount:
Length of Mortgage:
Annual Interest Rate:
Show me the calculations and amortization
Mortgage Payment Information
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$1,264.07 (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 $104.50 to your monthly payment.
$1,368.57 (Principal & Interest, and PMI)
Residential (or Property) Taxes are a little harder to figure out... In Grand Junction, the average resedential tax rate is approximately 7$ per every $1000 of home value, which is considerably less than the national average.
Let's say that your property's assessed value is 85% of what you actually paid for it - $161,499.15. This would mean that your yearly residential taxes will be around $1,130.49 This could add $94.21 to your monthly payment.
TOTAL Monthly Payment:
$1,462.78 (including PMI and residential tax)