Kashuri, Home Buyer in Worcester, MA

It says property tax = $1241 while in the morgage payment it is $67 per month .The math does not work , where I am wrong

Asked by Kashuri, Worcester, MA Sun May 26, 2013

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This question was asked from this property: http://www.trulia.com/property/3088181954-18-Ashland-St-1R-W…

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Hello Kashuri, you are correct the math does not work. For a $1241. property tax it would add $103.42 to your mortgage payment each month...not $67.
0 votes Thank Flag Link Wed Jan 8, 2014
The property tax is the annual tax. This number was figured using a mill rate of 16.98 in Worcester, MA. A mill rate is 1/10th of 1 cent. So, for every thousand the property is accessed at, 1 mill = 1 dollar in taxes. An easy way to calculate this is to put a decimal where the comma is in the accessed price of the property. This property was accessed at $73,100 in 2012. So to figure out the taxes we would input 73.1 x 16.98 into the calculator which gives us $1241.24....Trulia rounded down.

Now for the mortgage payment. I'm trying to figure out where you've figured $67 per month. Chase bank (Trulia estimate at the top) is figuring $447 per month after 20% down. Let me know how you figured $67 per month and I'll figure out where you went wrong.
0 votes Thank Flag Link Sun May 26, 2013
Hi Steve ,

Thank you for your reply.
If I scroll down I see:
Monthly Morgage
$361 principal
$67 property taxes
$20 homeowner's insurance
total= $ 447 although it should be $448
Flag Sun May 26, 2013
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