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It’s Gonna Cost Me What?!
March 18th, 2008 categories: Tampa Real Estate, Mortgage Rate Watch, Tampa Home Buyer Tips
For most folks, a monthly mortgage payment is made up of 4 components:
- Principal on the loan.
- Interest on the loan
- Taxes (property)
- Insurance (hazard, flood, etc)
Those 4 components are commonly referred to as PITI. I commonly run in to folks who are grossly underestimating their monthly nut on a specific loan amount.
There’s no better way to get an accurate estimate on your monthly payment than by speaking with a mortgage loan professional. However, if you want to give it a go yourself, here’s how to do it:
- Assuming you know how much you’ll be borrowing (I know, that’s a big assumption.), go to my mortgage loan calculator (go there), and plug in the loan amount and the interest rate, and the loan term. This will give you the P and I components of your monthly nut.
- Next, go to the property appraiser’s tax estimator (go there) and fill in the info. Make sure to select a millage rate. All City of Tampa millage rates are pretty close, so if you don’t know your code, select any Tampa code. Then select either Yes or No for the homestead exemption. Only your primary property qualifies for homesteading. The estimator will spit out a range of estimated taxes. Pick a number near the middle of the range. This is the T component of your monthly mortgage payment.
- Now all that’s left is the I component, the insurance. Place a quick call your favorite insurer and get an estimate of what it will cost to insure your perfect home.
- Add it all up and there you go, a pretty accurate estimate of your monthly payment!
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