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This will be in Austin Texas with an interest rate of 5.5%
Ok I know a lot of you like to collect points by giving useless answers. I am asking for a number. If I wanted crappy advice I would sit down with a MB or Realtor. If this will help the taxes would be around $ 4200 a year. So if anyone out there can give me a numerical answer I would appreciate it.
30 year fixed at 5.5

8 Thoughts on If I buy a house costing $175000 with $25000 down what will my monthly mortgage be with TAX and Insurance?
  1. Reply
    Spock (rhp)
    July 18, 2012 at 12:50 am

    this is what a good faith estimate from your mortgage broker provides. ask for it.

    then check the figures included — the taxes and insurance may need to be adjusted to reflect the amount you will be paying instead of the amounts the old owner was paying.

    you also need to watch out for HOA fees and special improvement district property assessments, if any.

  2. Reply
    July 18, 2012 at 1:02 am

    Have you thought about talking to a realtor or financial officer? You can get estimates on but of course they are only estimates. There are so many variables.

  3. Reply
    rogerio t
    July 18, 2012 at 1:07 am

    Depends greatly on a number of variables – what interest rate you’re qualified to (and mortgage type), whether you’ll be paying city taxes and what your property taxes are. Insurance cost will be a function of location too. With $ 25,000 down you might be required (depending on the appraisal value of your property) to buy a PMI insurance because $ 25k is less than 20% of $ 175k. Another cost you might have is a home owners association (HOA) fee, which will not be part of your escrow / note.
    As an example, I borrowed $ 185,000 for my home in MS, and my monthly note was of about $ 1,400, but I qualified for a 5.75% interest rate (fixed, 30 yrs, no city taxes, excluded HOA fee).
    It is also important that you make sure you have enough left over for maintenance and utilities too – I suggest about 10-20% of your note as available income for those.

  4. Reply
    July 18, 2012 at 1:54 am

    Start shopping! Insurance rates can vary greatly depending on your deductible, coverage on other structures, etc. Most books I’ve read on money management suggest you get a very high deductible then put that amount in an investment account where you can gain interest. That way if you DO have a tragedy in your house you’re only paying the fees of pulling out your money, not the full deductible. If you don’t, look at all that $ $ you made. (If you don’t have the $ 5000 after making the down payment on your house still go with the high deductible and set money aside each month for the deductible investment account).

    Your taxes will be based on the past year’s taxes and divided by 12 (if you escrow the mortgage company will take 1/12th out each month and pay the taxes when they are due, if you don’t escrow you should still be putting that amount aside each month!)…
    You can call your local (county or city depending on what state you live on you may have to call both) tax office to find out the cost of taxes on the price range of houses you want to buy. Also ask them when the last assessment was and how often they assess taxes. This will help you to know how much you’ll be paying initially and when it might go up.

  5. Reply
    July 18, 2012 at 2:43 am

    Wow…what an attitude on you. It’s impossible to give you an answer without knowing the facts. How much is your insurance? Do you have PMI? How many years is the mortgage for? It’s it fixed, adjustable, interest only?????
    This time hold the tude.

  6. Reply
    G S
    July 18, 2012 at 2:59 am

    Assuming your loan will be a 30 year fixed, your principle and interest payment will be: ($ 150K Loan amount)

    $ 851.68

    Your insurance will vary depending on your coverage and company. It’s usually in the $ 40 – $ 100 per month range. You may get a discount if your auto and home insurance is through the same company.

    I don’t know the tax rate in Austin but assuming it’s 2.15%, you will pay $ 313.15 per month. (property value * .0215 /12)

    You can expect to pay around: $ 1,215.

    You may also have to pay mortgage insurance because your Loan To Value (LTV = loan amount / home value) is at about 85%. Try to get Lender Paid mortgage insurance. This may adjust your interest rate slightly but it’ll still be cheaper. Or you can put $ 35K down to get your LTV at 80% in which case you won’t have to worry about Mortgage Insurance.

    Make sure your Loan Officer explains the various loan options and choose the one that works the best for you.

  7. Reply
    July 18, 2012 at 3:49 am

    I was just going to head to the next question since yours is impossible to answer with any accuracy until I saw your edit. Everyone will want to run to your assistance with your attitude.

    Without knowing your tax, insurance or PMI, anyone is just making a guess.

    The above posters attempt to assist seems reasonable.

  8. Reply
    Randy R
    July 18, 2012 at 3:54 am

    #1 Try asking for a Good Faith ESTIMATE from your broker.

    #2 Tax info is located at your local county or parish tax office.

    #3 Call any insurance agent.

    #4 How long are you going to finance it for?

    Keep your points.

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