Home Taxes and Insurance?

Question

I need to calculate my home taxes and insurance for a home in lancster that I want to buy, how do I do that?

Answer 1

take the total bill and divide by twelve months and that is what goes into your escrow each month. Every home is different and the cost of each of these is different especially Insurance as every carrier sets their own price based off of your credit and claims history

Answer 2

Simple.

Step 1.) Contact an insurance agent in your area and get a homeowners quote for the home you are purchasing.

Step 2.) Check w/ your realtor, or online, prior owner, etc. and find out the amount of last years taxes. (To be used as a guesstimate to get you in the ballpark as the can increase year by year but it will give you a good idea at least.)

Step 3.) Add those two figures together and divide by twelve, and you have the est. monthly cost of taxes and insurance, now just add your mortgage amount in and that's your monthly payment... (Minus association dues, hoa fees, if applicable)

***Don't forget that the majority of the time you are required to pay the first years taxes and insurance up front at closing to start the escrow account... You are always paying in advance and i like to call escrow payments, a twist your arm, break your neck, force you to save.

Answer 3

You need to call an agent and ask for an insurance quote on a house you may purchase. Then go to the tax assessor's office and ask for tax records for that property. You may be able to look up the taxes online.