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

Question

There are a million mortgage calculators out there. I'm trying to figure out what other costs will be involved in owning a house, ie. taxes, home owners insurance, etc. So, a mortgage calculator is telling me that I would pay about $900 a month for a 30 year mortgage on a $150,000 house. How much else am I looking at? Thanks.

Answer 1

That depends on where you live. Real estate taxes, water, gas, electric, phone, cable all vary a lot by location. Then you really need to factor in routine maintenance. It doesn't happen every month, but sooner or later you have to paint, or fix a window or replace a roof.

Answer 2

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!

Answer 3

easy go onto any banks website and look at there mortgage calculators, and this will give you a good idea what you are going to pay, before you start go and find out what you can afford than go and look for a property