# Monthly Mortgage Payment

Calculate your monthly payment with applicable financial charges, PMI, hazard insurance, and property taxes.

Amount
\$
Interest Rate
%
Length
years

Home Value
\$

#### Taxes And Insurance Information

Annual Taxes
Annual Insurance
Annual Private Mortgage Insurance (PMI)

 Monthly Principal & Interests \$1,342.05 Monthly Real Estate Taxes \$250.00 Monthly Insurance \$125.00 Loan To Value Ratio 83.33% Months With PMI 31 Monthly PMI \$177.08 Total Monthly Payments \$1,894.14

As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.

Just as an example, let's say you are borrowing \$250,000.00 for 30 years with an interest rate of 5.000%. If the value of your home is \$300,000.00, your property taxes \$3,000.00 per year and your insurance is \$1,500.00 per year, you can expect to be making a total payment of \$1,894.14. This is because you need to pay \$1,342.05 toward the actual loan, plus \$250.00 for real estate taxes and \$125.00 toward insurance.

Since your loan to value ratio is 83.33%, you will also have to pay PMI for 31 months and this will tack on an extra \$177.08 a month. Don't forget to drop the PMI when the 31 months is complete and you might save yourself some money each month, but remember, that, in most cases, you will need to finish re-appraisal process to do so.

Disclaimers: The information provided by these calculators is for illustrative purposes only. There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. The default figures shown are hypothetical and may not be applicable to your individual situation. The calculated results are also intended for illustrative purposes only and accuracy is not guaranteed. There is not tax or financial advice given. Default and calculated tax data are for illustrative purposes only. Be sure to consult a tax or financial professional regarding your specific situation and before relying on the results.

Any hypothetical monthly mortgage payments reflect hypothetical Principal & Interest amounts rounded to the nearest dollar amount and may not include insurance, taxes, or other possible fees. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer.

We have many other Mortgage Calculators for you to use.

Make sure you register to receive my Free Homebuying Guide and Insider Mortgage Reports, browse my Resources section, fill-out a FREE No-Obligation Secure Online Loan Application, or call me in my Sterling Heights, Michigan office at 248-613-9044 Ext. 2488841604. I am here to help you with all your mortgage needs.

##### Success Mortgage Partners, Inc. NMLS #130562
Ramzi Faraj
Branch Manager & Loan Officer
NMLS #162269
Phone: 248-613-9044
Email: rfaraj@smprate.com
Mark Jarbo
Branch Manager & Loan Officer
NMLS #1008927
Mobile Direct Line 248-884-1604
Phone/Fax: 248-590-0743
Email: mjarbo@smprate.com
Eastside Office: