Legacy Lending Mortgage Group
Website
PMI
NOT REQUIREDTax & Insurance
Monthly
Payment
$3,636| Principal & Interest | $2,594 |
| Property Tax | $833 |
| Home Insurance | $208 |
| PMI not required |
Loan
$400,000| Purchase Price | $500,000 |
| Down Payment | $100,000 |
| Total Payments | $933,980 |
How much is a $500,000 house payment?
A $500,000 home with a 20% down payment, 6.75% interest rate, and 30 year term results in a mortgage payment of $2,594 before taxes and insurance.
Total Payment: $3,636*
*Includes monthly tax and insurance of $833 and $208, respectively.
PMI is not required when you make a down payment of 20% or more.
Payment Affordability
Step 1: Enter the combined annual gross income of all applicants.
Step 2: Enter total monthly debt payments, including cars, credit cards, student loans, etc. Exclude utilities and other non-debt related expenses.
You must include taxes and insurance. Your lender will factor these payments whether or not you include them in your mortgage payment.
HOA fees are not included in your mortgage payment. However, they are considered when calculating your housing and debt-to-income ratios and must be accounted for.
| Housing Ratio | 0% |
| Debt-to-Income | 0% |
| Monthly Income | $0 |
| House Payment | $0 |
| HOA (Monthly) | $0 |
| Total Payments | $0 |