Mortgage Calculators EP3

anthony patton

Network of expert advisers dedicated to real time information….educating and inspiring you with the inside scoop on real estate so that you can improve your lives and ultimately help you reach financial freedom.

Where to begin?

Let’s start by figuring out how much we want the monthly house payment to be… each and every month… that means think about Christmas… summer vacation… birthday months… how much do we want to set aside for the mortgage payment.?

To many times people start looking at houses and thinking about room count… and pools and how big is the kitchen… then they look at prices…. Then they get shocked because of the monthly payments…. And their shock leads to disappointment… Most mortgage calculators just calculate taxes and insurance…. They don’t account for property taxes and home insurance and if you need mortgage insurance…

Now that we have a monthly # in mind for a mortgage payment let’s add a little to it and figure out the absolute MAX we want to pay each month… and if that figure stresses you out… then lets back off a little….

Now how much do we have set aside for a down payment and closing costs….? Once we have these numbers we can figure out what is the purchase price of the house.

Our team of expert advisors can help you breakdown the monthly payment into terms… and each area is different due to the property tax and home insurance…. Here in Texas the monthly property tax is about 2.75% to 3% of the value of the house… so a $100,000 house has about $230 in property tax each month… .a $300,000 house has about $690 in property tax… most mortgage calculators don’t add this in… so for instance a payment calculator will tell you a $300000 mortgage payment is only $1675… but that does not include $690 for taxes and $110 for home insurance and another $200 for mortgage insurance. So your $1675 payment is really $2670…

Now we use our budgeted mortgage payment and down payment savings to back into the sales price of the house…. Once we have the max sales price we can get with the expert advisor and start building a profile for a house. Now we talk about number of bedrooms…. Bath rooms… size of the kitchen… carpet… wood floors… pool or no pool…. School districts….

Stay off click bait sites and fake house sites like Zillow ….

Narrow down your options and the things you must have and divide out the like to haves…

Let’s make an offer on a house…..

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Next up we walk a little more down the process….

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