What is the Principal, Mortage, Interest and Tax payment for a new loan?

Mary Ann,
There is a mortgage calculator function on any listings on HAR.com and some of my colleagues already answered well.
Allow me to suggest you another option, if you can offord a 225k loan, a condo may not be the best option for you.
Condo is a form of ownership where you only own the space ('air') between the walls and a portion of the overall complex. Your are subject to the will of the HOA board and have little control over the decisions they make.
With you qualifying for more than $200k, there is other options I would like to discuss with you that may be in your best interest.
francois@cozy-homes.com / 713 397 8857

it depends on area and price and tax rate which community are you considering?

Hi Mary Ann!

For the most accurate information related to your particular Buyer, I highly suggest speaking with a mortgage professional.

While the most recent rates can be found on a variety of websites (http://www.bankrate.com/), as you know, one's interest rate is dependent on a variety of factors that lenders take into consideration (credit is a huge factor).

Once you have the interest rate, you can can check an online mortgage calculator (http://www.bankrate.com/calculators/index-of-mortgage-calculators.aspx?ic_id=calc_mortgage_mortgages_globalnav or http://usmortgagecalculator.org/). There are a variety of calculators, including those that do just PI, those that do PITI, and those that factor in mortgage insurance.

You'll definitely need to know the down payment amount as the payment will obviously vary significantly when putting 5% down vs. 20% down. Don't forget to factor in mortgage insurance and escrow if putting less than 20% down. Mortgage insurance will vary depending on the type of loan (conventional, FHA, VA) and escrow will depend on the lender as it's based on reserve amounts and taking a certain amount up front at closing for taxes and insurance. You'll also need to factor in any monthly maintenance fees on town homes and condos as these are factored into the total debt ratio and can make a huge difference - $120/month vs. $500/month.

To determine monthly taxes on a property, take the previous year's tax amount and divide by 12. More accurate would be the purchase price X tax rate / 12. Same goes for annual insurance premium divided by 12.

I have a list of lenders if you would like to reach out. One of my preferred lenders is Clayton (contact below):

Clayton Alex Gray
Union Home Mortgage
c: 832.748.7283
e: claytongray1@gmail.com

Hope this helps!
Darby Grimmett / KW / darby@darbygrimmett.com / 936-827-9217

Hi Mary Ann, I recommend speaking with a mortgage professional to get the most accurate rate information. Once you give them the details of the location, they can help you fill in the blanks for the tax information as well. Here are a few lenders that Cloud Realty has worked with in the past and have shown reliability, efficiency, and honesty:

Will Fitts
First Imperial Mortgage
713-703-2043
email: will@firstimperialmortgage.com

Holly Whitney
HomeTrust Mortgage
(281) 705-4659
email: hwhitney@hometrust.com

Give one or both of them a call to compare rates and fees. When you are ready to buy, please remember us at Cloud Realty. We would be happy to represent you!
All the best,
Andrea Cloud-Wagner
Cloud Realty
281-359-9999

Mary Ann,
There are mortgage calculators that can assist you. I also like to use apps provided by the title companies that can show all closing cost for Buyers as well as Sellers. On the condo, your not going to have "insurance" as the HOA covers the exterior of the building, but monthly HOA dues. I assumed 3.75% rate on the 15yr note. $450/m HOA dues. $2.69 tax rate

The monthly note est on the $225,000 loan is $2,738.11
- Prinicple and Interest $1,636.25
- HOA $450
- Taxes $619.98 (and this could go down if there is a homestead exemption applied!)
- PMI $31.87

I hope that helps you. If you need lender referrals, let me know.

Mark McNitt, Bernstein Realty
www.MarkKnowsHouston.com
832-567-4357

Hi Mary Ann,

The PITI payment is the (P)rincipal, (I)nterest, (T)ax, and (I)nsurance. You can use some online tools to help give you a pretty good estimate, however without knowing the specifics of the condo, there are still a couple of missing pieces to the puzzle.

First, you will want to get an estimate of today's interest rates. To do this, you can use a site like Bankrate. As of this reply, the rate is 3.57% on a 15-year fixed. Now you can go to a site like mortgagecalculator.org and plug in your numbers. Some of the missing pieces that I mentioned are value of the condo, loan amount (225K minus the down payment), tax rate, and insurance on the condo. If you know those and plug them in, you should have a reasonable estimate of what the payment will be.

Of course, these sites are just for estimations. You definitely should speak with a mortgage professional so that you can get the most accurate information for that specific condo.

I hope this helps. Happy New Year!