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YouTube Video: Calculate Your Monthly Mortgage Payment: How to calculate an accurate monthly mortgage payment

Calculate Your Monthly Mortgage Payment: How to calculate an accurate monthly mortgage payment. Most people are way off, so in this video I walk through how to accurately calculate what the monthly payment will be for your home loan based on your mortgage terms, interest rates, insurance costs, and more! Knowing how much of a mortgage you can get approved for is one thing, but for a lot of people, the most important thing to consider is what their monthly payment will be for their home loan. There are lots of online calculators and tutorials that calculate monthly payments based on just the information from your mortgage but take it from one of the top 1% of loan officers in the nation, there is so much more to consider! This video breaks down everything you need to consider when calculating the monthly payment for your home loan to make sure there are no surprises!

I use the Qualifier Plus IIIfx Desktop PRO Real Estate Mortgage Finance Calculator Link: https://amzn.to/3gCHPgd

Video Transcript:

Hi everybody, welcome back to my channel, for all your mortgage education needs.

Thank you for joining me this morning, or this afternoon, or whatever time it is where you are.

This video is about calculating your monthly mortgage payment, and getting it accurate.

I can not tell you how many times people call to get financed and they go online, and they calculate mortgage payment, they don't know they are missing a million pieces and they are way out of the ballpark for what they expect and what is real, so we need to change that.

Right now, I'm gonna go through how to calculate the mortgage payment.

This is after I've done all the recon work, so if you wanna know how to get these answered, or the solution, the information shall I say.

Maybe I'll get my words right eventually.

The information of the data that's put in here you're gonna see, then watch my other video on how to do all the right recon to figure out what your monthly mortgage payment is going to be.

I've already done that in a previous video so now the information has been received and I'm gonna show you how to figure this out.

So here is where I have done all of my recon. work.

I am so fancy, right?

Look at this, so cool, professional fancy.

Anyway, in order to accurately calculate a potential mortgage payment, we needed to know the loan term, the interest rate, if there's PMI, how much is it, if there's flood insurance how much, if there's home insurance to get the principal and interest from the loan information above.

How much is property taxes, and how much are home association dues?

So we're figuring out  monthly mortgage payment.

First of all, even though these figures come to me annually, I'm gonna need to divide out, so I'm gonna go, $1,625 divided by 12, so that's $135.42 for this figure. 

$1,860 divided by 12, we've got $155 for this figure, and then we've got $325, divide that by 12, we've got $27.08 for that figure.

So now I need to figure out the principal and interest, so we have, oh you know what I left off?

Actually, we need the loan amount, didn't do that.

Let's say it is $210,000.

Okay, we've got $210,000 loan amount, we've got a 30 year term, 3.875% percent interest, calculate our payment, $987.50.

To that, we're gonna add it, we've got $135.42 for home insurance. We have $155 for property taxes, and we have $27.08 for association dues.

Looks like the total monthly payment, the PITI, principal, interest, taxes, and insurances is gonna be $1,305.

Now, I do calculations all day, and I do all of them at least twice, because things happen, things malfunction, you press the wrong buttons, right?

So, do this again.

$210,000 loan amount, a third of your term, 3.875% interest gives me a payment of $987.50.

I add home insurance, $135.42, property taxes at $155, association dues at $2,708, gives me $1,305.

My flood insurance was none, my PMI was none.

I would be adding those in if I had them, and so this is how I accurately estimate a monthly mortgage payment.

This is much more detailed and in depth than when you go. 

Punch in how to calculate your mortgage payment online and you get basically this part of the information, and this is super inaccurate, or left off and it drives me crazy because I want people to have the right information.

So anyway, hope this helps you.

Thank you so much for tuning in.

Make sure that you share with your friends and family if this might help them with anything that they're doing or going on with mortgage financing, or if they're thinking of buying homes and they wanna calculate some information and do it accurately and not have surprises.

I hope this helps you. Have a super fabulous day.

March 14, 2020
First-Time Home Buyers