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Fungirl, Home Buyer in Washington, DC

Home Purchase in Washington, DC

Asked by Fungirl, Washington, DC Mon Feb 4, 2013

When you have the price of a home listed and under it you have a monthly payment listed also. Is that just an estimate of a monthly payment? With how much down? Does that monthly payment listed include the Taxes and Insurane?

This question was asked from this property: http://www.trulia.com/property/3062851519-1810-Tobias-Dr-SE-…

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Kelly Putz’s answer
Hi Fungirl,

This is just a way for a lender that works with the listing agent to get you to use them for your mortgage. As always, be careful of mortgages advertising low payments or low rates that seem too good to be true. Usually, they tack on large fees on your closing costs, so they make their money one way or another.
0 votes Thank Flag Link Sat Feb 9, 2013
There are rules about expressing monthly payments so look carefully for the fine print. These are usually just another way to make you look twice at the listing and there's nothing wrong with that. You can do your own calculations, however, and in that way you can control amount of downpayment, length of loan, interest rate and play with the numbers. That will give you your monthly mortgage payment and some calculators do include taxes and insurance or you can add that later.
0 votes Thank Flag Link Fri Feb 8, 2013
If a monthly payment is advertised, it should also mention the down payment percentage. It should also say that it includes / or doesn;t include, Taxes or Mortgage Insurance.
0 votes Thank Flag Link Tue Feb 5, 2013
If you click on the Trulia page where it estimates the monthly payment a window will open up that shows you how they arrived at that payment and it tells you how much percent down, interest rate they used, estimated taxes and insurance. Note that in this case they use 1.3% to estimate taxes and insurance, which likely means they are guessing the taxes and insurance and it could be revised up or down in real life. You can make a closer calculation by finding out the annual property tax bill and dividing by 12. Same for insurance (I would allow $600 per year for that house). Don't forget on some DC programs you like tax abatement you may not be liable for property taxes for 5 years (subject to income limits).
0 votes Thank Flag Link Mon Feb 4, 2013
Good evening. Send me an email and I can send you the calculations. Jim@JimDowning.com
0 votes Thank Flag Link Mon Feb 4, 2013
GOOGLE; mortgage calculator
there are a bunch of them.
You can play with it.
0 votes Thank Flag Link Mon Feb 4, 2013
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