| Mortgage Payment Information |
| Down Payment: |
$60,000.00 |
| Amount Financed: |
$540,000.00 |
| Monthly Payment: |
$3,413.17
(Principal & Interest ONLY) |
| |
Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $297.00 to your monthly payment.
|
| Monthly Payment: |
$3,710.17
(Principal & Interest, and PMI) |
| |
Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value.
Let's say that your property's assessed value is 85% of what you actually paid for it - $510,000.00. This would mean that your yearly residential taxes will be around $7,140.00 This could add $595.00 to your monthly payment.
|
| TOTAL Monthly Payment: |
$4,305.17
(including PMI and residential tax) |
