Bess who recently started paying a mortgage

posted 3 years ago in Home
Post # 3
Member
374 posts
Helper bee
  • Wedding: May 2012

@beelovely:  my husband uses an app on his ipad that was really close to what we’re going to be paying.  It was only off by about $100.  I don’t know the name of it though… sorry.. there has got to be some good ones online. I’m sure they are pretty accurate (as accurate as it could be with the basic info)

Post # 4
Member
693 posts
Busy bee
  • Wedding: October 2011

Zillow was pretty correct for ours.  I googled a bunch of mortgage amortization calculators and they were all pretty similar.

Post # 5
Member
20 posts
Newbee
  • Wedding: May 2013

I bought my house for 200000 and I pay 1140 a month with hoa and insurence. Zillo said it would be 1283 for everything. I only put 5% down. I have noticed if you finance with a FHA loan you will end up paying a little more  in pmi insurence. I was able to do a conventional loan with 5 percent down and I am paying less in insurence. 

Post # 6
Member
374 posts
Helper bee
  • Wedding: May 2012

Plus with FHA that PMI will never come off for the life of the loan.  I was shocked at that one! 

Post # 7
Member
5518 posts
Bee Keeper
  • Wedding: November 2012

@beelovely:  we used the google mortgage calculator.  It’s pretty close.  We do pay PMI and thats not in there.  If you aren’t putting 20% down you will still pay pmi with a conventional mortgage.  My friend is in the middle of that. 

 

Post # 8
Member
1340 posts
Bumble bee
  • Wedding: July 2013

@LizzieMo:  You can always refinance. Not that big of a deal. For someone who really wants to get into a house and doesn’t have a huge down payment, FHA is the way to go. 

Post # 9
Member
127 posts
Blushing bee
  • Wedding: September 2013

Zillow was close for us. It said 980, but we are going to be paying 1080. It underestimated the property taxes.

@solidarity:  There is actually a conventional loan you can get now with only 3% down. Still pay PMI until 20% equity, but you can avoid the other FHA fees. You will need good credit however. 

 

Post # 10
Member
628 posts
Busy bee
  • Wedding: January 2012

the mortage calculator is pretty accurate but the taxes and insurance isn’t. if you know the taxes and you can estimate your insurance and you can figure it out. Depending on where you live the taxes might not be that big of a deal, but for the house my DH and I just bought our taxes are just under 6K a year (ugh!)

But you might want to talk to a mortgage broker or the bank and get a better understanding of what you rate will be and the type of loan you qualify for.

We were able to pay our PMI up front in one lump payment. This also made it cheaper and not tacked on to our monthly payment.

 

Good Luck!

Post # 11
Member
8418 posts
Bumble Beekeeper
  • Wedding: April 2013

Ours was pretty accurate, but I did input all of the factors (PMI, HOA dues, taxes, etc).  Good luck with the house hunt and congrats 🙂

Post # 12
Member
673 posts
Busy bee
  • Wedding: February 2013

Its accurate as long as you know the tax rate and insurance rates and interest rate you’re getting. Soooo until you know that stuff, it won’t be that accurate. Also, keep in mind that you may have other monthly/annual payments that you did not have before, such as a termite plan, flood insurance, home security system subscription, etc.

Post # 13
Member
1416 posts
Bumble bee
  • Wedding: November 2013

the property taxes were off when i tried the zillow calculator but only by a few hundred dollars so it wasnt too far off. 

Post # 14
Member
2240 posts
Buzzing bee

Ours was off by like $250. It didn’t include taxes/insurance though. 

Post # 15
Member
5681 posts
Bee Keeper
  • Wedding: May 2011

The principle payments were correct but property taxes account for like 1/3 of our mortgage payment. Homeowners ended up being cheaper than expected but then we added flood insurance. There are just a lot of variables beyond the actual loan payment (HOA, PMI, etc) and you have to consider that the rate environment is more volatile these days so your rate could be 25-50 bps higher by the time you actually close.

 

Post # 16
Member
11712 posts
Sugar Beekeeper
  • Wedding: November 1999

I would go to a mortgage broker and get the real information.  They know your market, taxes, fees, and everything else that goes into a house.  Our broker actually sent us a “purchase planner” where we can put in the purchase price, interest rate, any points purchased, HOA fees, and down payment info, and it calculates everything, down to the closing costs, title fees, and how much interest we are charged per day.  I wouldn’t trust any of these online calculators – just talk to a professional.  A preapproval won’t cost you anything except the credit check, and you’ll have a clear picture of what you can afford.

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