| Monthly Payments | Amount |
|---|---|
| Monthly Principal & Interests: | $1,918.56 |
| Monthly Real Estate Taxes: | $225.00 |
| Monthly Insurance: | $200.00 |
| Total Monthly Payment: | $2,343.56 |
| Loan Closing Costs | Amount |
|---|---|
| Discount Points: | $3,200.00 |
| Origination Points: | $3,200.00 |
| Other Closing Costs: | $1200.00 |
| Total Closing Costs: | $7,600.00 |
| Financing Totals | Amount |
|---|---|
| Total Interest: | $370,682.20 |
| Total Closing Costs: | $7,600.00 |
| Total Financing Cost: | $378,282.20 |
Your payment varies depending on how much you borrow, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as property taxes, homeowners insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.
As an example, let's say you borrow $320000.00 for 30 years with an interest rate of 6.000%. If the value of your home is $400000.00, your property taxes $2,700.00 per year and your insurance is $2,400.00 per year, you can expect to make a total payment of $2,343.56. This is because you need to pay $1,918.56 toward the actual loan, plus $225.00 for real estate taxes and $200.00 toward insurance. Some homeowners need to pay monthly HOA fees as well. Maintenance can be a lumpy expense, though it is not uncommon to cost between 1% to 4% of the property price annually.