What the house costs you a month.
Principal and interest are only part of it. Add the tax, the insurance and PMI, and see the payment the lender will actually ask for.
Estimated monthly payment
You’d pay $4,904a month on a $640,000 loan.
- Principal and interest
- $4,045.24
- Property tax
- $733.33
- Homeowners insurance
- $125.00
- Monthly payment
- $4,903.57
At 20% down or more there’s no PMI.
What goes into the payment
- Principal and interest on the loan (the price less the down payment), the same level payment a lender’s amortization schedule uses.
- Property tax as a share of the price each year. The US typical figure is about 1.1%; Texas, Illinois and New Jersey run higher, Hawaii and Alabama lower.
- Homeowners insurance for a year, split into twelve.
- PMI at 0.5% of the loan a year while the loan is above 80% of the price. It’s held flat here; in practice it drops off once you reach 80%.
- HOA dues, when the home has them.
What this leaves out
Upkeep (plan on about 1% of the price a year), utilities, and closing costs. The down payment and closing costs calculator covers the cash you need on closing day.
An estimate to plan with, not a Loan Estimate, a pre-approval or advice. Lenders, counties and insurers set the real figures; check them before you act.
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RichDue puts the payment next to your actual income, debts and savings, and shows the month you’ll have the down payment on your 12-month plan.