| Mortgage Payment Information |
| Down Payment: |
$65,800.00 |
| Amount Financed: |
$592,200.00 |
| Monthly Payment: |
$3,743.11
(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 $325.71 to your monthly payment.
|
| Monthly Payment: |
$4,068.82
(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 - $559,300.00. This would mean that your yearly residential taxes will be around $7,830.20 This could add $652.52 to your monthly payment.
|
| TOTAL Monthly Payment: |
$4,721.33
(including PMI and residential tax) |
