How Much Is My Monthly Payment?
Your monthly payment will consist of:
- Principal + Interest (this is your re-payment of the loan)
- Taxes and Insurance (these are collected monthly in your payment and then paid yearly on your behalf)
- Loan Servicing Fee ($50)
We do not exactly know what this will be until we know what your downpayment amount will be and our RMLO (residential mortgage loan originator) has reviewed your financial situation and can indicate what an affordable payment will be.
You can estimate that your entire monthly payment, all combined, will be approximately 1% of the purchase price of the house.
For example:
We have a house for sale for $149,900.
- You are able to put $10,000 as a down-payment
- Your total monthly payment (principal, interest, taxes, insurance, servicing) could possibly be: ~$1500/mo.
- This is only a quick estimate and your final payment amount is determined AFTER our RMLO has reviewed your file and you've gotten an insurance quote.