Home Buying in 19004>Question Details

Tee, Home Owner in Philadelphia, PA

what percentage should I add to a monthly P& I mortgage payment for taxes and insurance?

Asked by Tee, Philadelphia, PA Thu May 5, 2011

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2
Hi Tee,

I'd find out the annual taxes in the area you are looking and divide by 12. I'd also use around $750 per year and divide by 12 for the insurance. This should give you a good idea. You then can add these numbers to your P and I payment (that you get from using a mortgage calculator on line). You will also have to figure in PMI (Private Mortgage insurance). This varies depending on if you do a conventional or FHA loan, how much you put down, your loan size, and your credit score ,etc. You could probably assume around $150 give or take.
Always feel free to call or email with any further questions.
I'd be happy to help.
Chad cbahnsen@mortgagenetwork.com 610-622-2212
0 votes Thank Flag Link Sun May 8, 2011
Hello Tee, the answer depends on the value of your home, the area you are in, insurance carrier. Roughly 15-35%.

Alexander Shulzhenko
Advance Realty One
267 738 0886
0 votes Thank Flag Link Thu May 5, 2011
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