Also there are other factors - real estate taxes (typically school district, county and city/township/borough); some include sewer and trash in taxes so it can be collected as part of your monthly payment and others don't.
Also, most mortgage companies charge a higher interest rate if you choose to NOT escrow your taxes, a higher rate will affect your monthly payment.
Taxes from house to house, even within the same taxing jurisdiction, can vary widely. It's based on the value of your house according to the last assessment (not necessarily appraisal), so pay attention to how the house you are looking to buy compares to similar houses for tax purposes.
You may check out the Partners section of my website and visit one of my trusted mortgage partners.
While you are there, you can set up a FREE account, search the MLS like the pros do and save your searches / opt-in for daily alerts.
Best of luck to you!
R. Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
I am not a mortgage professional, but I typically advise my clients to estimate 1% as a "rough" estimate. It's a high estimate and more than your payment would actually be, but it's always nicer to be surprised by a lower payment rather than a higher one.
So for a 60k loan, I'd very roughly estimate $600 to take into account if there happens to be higher than usual property taxes, insurance, etc.
I would have to have the variables such as Property Real Estate Taxes, Insurance, and the % of your loan which depends on the lender and your score.
Contact a professional Mortgage Broker, find a home and i can give you a better number.
Here is a good Mortgage Broker:
Web Site: edubinsky.ahmcloans.com