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Lydia Said:

How do I figure out how much my house payment will be?

We Answered:

To cover living in the house you need to figure out 2 things for the loan, principal and Interest. On top of that you need to figure out what taxes and insurance are for the property. These two items vary greatly by location. Your real estate agent can tell you what taxes are for the area you are looking to live in.

For insurance, it not only varies greatly by location, it varies greatly by the age and type of house you are getting. the older the house the more insurance will be. Flat roofed homes generally cost more to insure than peaked roof homes.

On top of that you will have utilities but that you have a little more control on as the more you use the more it will cost. the other items are generally fixed and won't vary greatly from year to year (as long as we are talking about a fixed rate mortgage).

A good calculator is located at http://www.realestateabc.com/calculators…

Good Luck!

Deborah Said:

PITI: How to calculate Tax and Insurance (TI) ?

We Answered:

Check the tax office for the actual tax bill amount for the home (for instance 2000), add the annual homeowner's insurance (for instance 500), divide by 12 and add to the PI. Taxes vary depending on the property location. They are likely higher in Northern Virginia and Tidewater (Norfolk/Va Beach) than they are for Colonial Heights (near Petersburg).

The homeowner's insurance cost will depend on the company, the coverage and the deductible you choose. A local insurance company can give you a ball park idea.

Paula Said:

it seems that online mortgage payment calculators for determining monthly payments don't take everything...?

We Answered:

Taxes and insurance will vary based on home size and value, and where you live. Where my parents live, they pay about $8000 a year in taxes on a $500,000 home. Where I live, taxes on a home of the same value would be about $4000.

First look at a few homes in your area to get an idea of taxes on a range of home values - this amount should be listed at most realtor websites. To get an estimate on insurance, call a local agent and ask for a rough estimate based on the value of your belongings and the home size, location, and material (brick, wood, stucco, etc). This may vary also based on your credit score once you get to the insurance buying stage.

If you have to also pay mortgage insurance (putting less than 20% down on a home), that also can vary, but estimate $150-200/mo.