Home Buying in 40222>Question Details

Devon Pack, Home Buyer in Louisville, KY

On a $200,000 home in Louisville, KY, how much extra per month should one plan to pay on top of Mortgage for PMI, taxes, and homeowners insurance?

Asked by Devon Pack, Louisville, KY Tue Jan 3, 2012

Help the community by answering this question:


On $200,000. financed would be approx. 76.66 forPMI. If Jefferson County approx $153.33 property taxes and approx 67,00 for homeowners insurance for a total of $296.65 added to your Principle and Interest. This is an estimate. I would be happy to help you with your home buying experience. Lynda with Keller Williams 502.552.8768
2 votes Thank Flag Link Tue Jan 3, 2012
If you take that question to your Title Company and ask real nice, they can plug in the numbers and give you a hypothetical HUD1.

Then, when you make an offer on the house, you can specify that Title Company in your DEAL.

Good luck and may God bless
1 vote Thank Flag Link Tue Jan 3, 2012
I was just going to say the same, Ronald! There is no repsonsible way to estimate taxes, insurance and most especially mortage insurance without more information and a licensed mortgage professional giving you specific program quotes. (If a realtor quotes rates, PMI, etc, they are in violation of the mortgage licensing requirments.)
1 vote Thank Flag Link Tue Jan 3, 2012
The question asked is a hard one to put a direct formula on. The reason why is that there are so many things that influence it. The taxes for example in Jefferson county can be based on the sale price times .0094, but if it is in a small city or the old Louisville city limits you have to allow for their taxes also. Homeowners insurance is so different depending on the age of the house, cost of the house and any updates. The PMI is different on the amount you put down or the loan program you use. Rural Housing loans have less PMI than FHA loans for example. If you have a home that you are interested in let me know and I can get a more precise number for you. Thanks, Ron 502-939-3827
1 vote Thank Flag Link Tue Jan 3, 2012
Ron , regards home insurance all things being equal the real driver of cost is credit period. One buyer may pay $300 another $2500 for the same home.
Jerry Ditsler
Flag Thu Aug 28, 2014
There are too many variables to that question to provide an accurate answer. First of all, the monthly PMI amount will depend on the LTV (Loan-to-Value) ratio of the transaction. PMI rates are based on a tiered structure with lower LTVs charging a relative low rate and higher LTVs a higher rate. Secondly, the monthly tax escrow will depend on the tax rate of the property location. Some properties may only pay county tax while others may pay an additional city tax and/or school tax. Lastly, monthly hazard insurance will be determined by the value of the property as well as its location.

As a mortgage professional, what I would need to know to provide an accurate answer is the purchase price of the property and location of the property. I would be happy to discuss your financing options with you.
0 votes Thank Flag Link Mon Feb 11, 2013

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
0 votes Thank Flag Link Sat Dec 15, 2012
Hopefully you could qualify for a loan with no PMI. Your lender will have the answers. As for taxes, your approximate cost will be $2,000 and Homeowners Insurance $800-$1,000 per year. What I tell clients is to be sure that these total costs to buy a home do not materially change the lifestyle you currently enjoy. Be sure that when you make your decision in what price range you look, that money is still available for restaurants, travel, clothes etc. If these areas get short changed when buying, the excitement and total enjoyment of your home and lifestyle will cause disappointment. Eager to help you find a great home.Review my profile, blogs and recommendations and see if we are a good fit.
0 votes Thank Flag Link Sun Jan 15, 2012
It's public record on the Jefferson County Sheriff's site what the taxes were for 2011 on any residential property. Just do an address search.

As far as insurance goes, it just depends on your agent, and or his/her affliliation. Personally, I like going the independent insurer route versus the big companies like Allstate or State Farm. An independent will shop rates and services among several companies. I have nothing but great things to say about ours. They helped get us through the ice storm three years ago.

For PMI, talk to a mortgage lender. They can probably ballpark with just a phone call.

If you have any other questions, I would love to help. "Like" Homestead Fred on FB and ask away!
0 votes Thank Flag Link Wed Jan 4, 2012
Devon...This depends on how much your loan will be to even have PMI---You will have this figure with less than 20% down in equity--in most cases---Tax escrow depends on what county you are in and generally you can ballpark about $1.00/thsd....so figure about $2000 on a $200000 house ....insurance / year may be aprox $$1000/yr......figure about $350/mo on a conservative basis....again--there can be variables with no PMI loans available..........Jeff Levein
0 votes Thank Flag Link Tue Jan 3, 2012
I know of some mortgage programs you may qualify for with no pmi (some are 100% financing depending on credit, income, etc...)
Taxes are usually around 1% a year of the home's value - depending on the area in Louisville.
Insurance quotes have many variables too- my Husband is an Insurance Agent if you need an exact quote.

Please let me know how I can help!
Web Reference: http://Joehaydenrealtor.com
0 votes Thank Flag Link Tue Jan 3, 2012
Would welcome the opportunity to discuss your real estate needs and connect you with a qualified loan officer to answer your questions
As you can see from the answers so much more info would be needed to give an answer If you are not represented by a good qualified, experience agent please call me and I will assisat you through the entire process
Sue Moody
Re/Max Associates
0 votes Thank Flag Link Tue Jan 3, 2012
Your PMI depends on your actual loan a amount (not the purchase price), the type of loan program you choose (FHA, Conventional, etc.) We need a bit more information to answer accurately.
0 votes Thank Flag Link Tue Jan 3, 2012
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