Mortgage Payment "FORMULA" ?

4 Replies

What is the Formula to figure out what your monthly Mortgage payment ( including Interest,Taxes,Insurance ) will be ( assuming a 3.5% Interest Rate and a Good Credit Score of 700 to 750 )? I narrowed it down to multiplying the Price to pay for the house and multiply it by .007%.

Assuming a $100,000 purchase Price for the house x .007% = a $700 monthly mortgage payment

Does this seem accurate as far as a Formula goes to figure it out?

Thank you 

The bad news is that no simple formula you could come up with would be at all accurate. Taxes vary wildly from region to region. Insurance can be startlingly different between two houses on the same street.

The good news is that tax information is (usually) publicly available (I use Zillow for that) and that there are lots of easy-to-find mortgage calculators out there for free. Insurance can be a little harder, but insurance agents are usually glad to get you a quote for free.

Probably not the answer you were hoping for, but I wouldn't trust any shortcuts.

Account Closed Yes, the P&I is simple...using an online mtg calculator is easiest....what was said is that the Property Taxes and Insurance will vary greatly between properties, hence no formula.