(Do not use commas in your numbers)
NOTE: This is your estimated base payment of Principle and Interest only. Additional monthly Escrow Charges will also be added to this amount such as Property Taxes, Home Owners Insurance and PMI (Private Mortgage Insurance -if downpayment is less than 20%.). To estimate these amounts take the yearly amount for each and divide by 12 and add it to your monthly payment. Talk to your Lender and Buyer Agent about specific costs for specific properties and for costs associated with specific types of loans options – such as PMI or closing costs included in the loan. Your Lender can give you a Good Faith Estimate on monthly costs.
Example: a $200,000 purchase at 20% down ($40,000) at 4% on a 30 year loan is a $760.83 P &I per month. If the yearly taxes are $2400 plus homeowners insurance is $600 per year plus $300 in Homeowner Association Fees it adds $275 to the payment or an estimated $1035.83
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David Karl Roberts/Associate Broker
The Maine Real Estate Network
207-741-2006 or email me at email@example.com