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Mortgage calculators

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Asailorshort
Regular Contributor

Mortgage calculators

As we plan on buying a home in the next few months we've been using lots of online mortgage calculators to estimate our monthly payment.  We try to use calculators that allow us to estimate insurance, taxes and apr and generally come up with payments around the $450/mo range for an 80k loan and 1k/yr taxes.  However, I've seen ppl on these forums report their payments in the 700/month range for a similar loan amount.  Am I missing something in our payment estimates?  We won't have piti as we will have 20% down and possibly be using va loan.  I just don't want to go through all of this and then find out monthly payment will bealmost twice as much as we're estimating.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Message 1 of 5
4 REPLIES 4
StartingOver10
Moderator Emerita

Re: Mortgage calculators

Using the online calculators is good for P&I.

To estimate your taxes and insurance you are better off comparing actual taxes for similar properties in the neighborhood in which you plan to buy. I know in my area there is no such thing a $1000 real estate taxes. Go to your county tax collector website and see if you can get an idea of tax costs in your preferred neighborhood. Make sure to take into account any homestead provision if that is applicable in your area.

 

The same thing for homeowners insurance. I haven't seen a $1000 insurance bill in years (but then again I'm in Florida where insurance is many thousands depending upon your location.)  You won't have the huge insurance bill unless you are in Fl, but it is worth checking with your insurance agent if there are special requirements. Here the age of the property and the age of the roof as well as the location is critical in determining the ins premium. One of the neighborhoods I sell in has insurance bills for $4k a yr min, even if the house is only $180k - because its in a acreage type area with no fire hydrants.  So, bottom line, have a chat with your insurance company to see what they look for and keep it in mind when you are looking at homes.

 

Since you are VA you don't have MI. But you have a funding fee that can be rolled up into the mortgage. Many of the posts you see here are people getting FHA loans and the monthly payment on MI is huge.

 

Once you do your homework, go find your home! Make it fun Smiley Happy Getting the answers to go the above questions (taxes and insurance) will probably alleviate your concerns.

Message 2 of 5
Asailorshort
Regular Contributor

Re: Mortgage calculators

Thanks!  The tax amounts we're using are from the 2011 taxes paid on property.  In general taxes in the range we're looking at are 800-1200 per year.  As for insurance, we've just beenI using the default amount from the calculator.  I had forgotten about the va funding fee.  As long as we have 20% down, we may be better off with a conventional loan.  I'll do some more research on insurance rates for las Vegas to make sure the default amounts are similar to what we will actually pay.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Message 3 of 5
ElDiablo
Valued Member

Re: Mortgage calculators

Depending on the veterans disabilty percentage, you can be exempt from the VA funding fee. Look into that, i was exempt.

Message 4 of 5
webhopper
Moderator Emeritus

Re: Mortgage calculators


@ElDiablo wrote:

Depending on the veterans disabilty percentage, you can be exempt from the VA funding fee. Look into that, i was exempt.


Do you mind sharing which percentage this is?  My husband is 30% disabled from the Marine Corp. This would be useful information to have in our back pocket.  Not looking to buy anything as we just closed in January, but you never know if my job will need us to relocate.  I am going through a refinance right now with a property that is a rental. Our current primary residence is a conventional mortgage. Conventional mortgages are very tough to be approved for, but it would be nice to have the VA loan option to fall back on if ever we needed to relocate.  

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 5 of 5
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