Your Monthly Mortgage
A monthly mortgage payment consists of the following:
- Principal and Interest
- Property Taxes
- Homeowners Insurance
- Private Mortgage Insurance (PMI) – if applicable
Considering The Extras
It's important to make sure you'll be able to afford other expenses associated with your home. Estimate the following costs (if applicable):
- Mortgage Insurance
- County Taxes
- Condo Fees
- Homeowners Association (HOA) Dues
- Utilities and Fees
- Exterior and Interior Home Repairs
- Maintenance (annual checks for water heater, heat pump, chimney, gutters, etc.)
See below for a list of potential expenses associated with owning a home.
See Home Expenses
Down Payment Options
Depending on your credit scores, your down payment can be as low as 3% of the purchase price of the home (Example: $150,000 Purchase Price = $4,500 down payment). Acceptable sources of down payment money can come from your bank account, investment accounts, a 401K or even a gift from a family member.
See your mortgage consultant for details.
Down Payment Calculator