I've used a couple online mortgage calculators, but they only seem to calculate the Principle and Interest (PI). How can I figure out approximately how much the Tax and Insurance (TI) is going to cost on top of the PI?
The home is going to be located in Va and is approx. 400k.
2007-02-15 01:15:26 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Check the tax office for the actual tax bill amount for the home (for instance 2000), add the annual homeowner's insurance (for instance 500), divide by 12 and add to the PI. Taxes vary depending on the property location. They are likely higher in Northern Virginia and Tidewater (Norfolk/Va Beach) than they are for Colonial Heights (near Petersburg).
The homeowner's insurance cost will depend on the company, the coverage and the deductible you choose. A local insurance company can give you a ball park idea.
2007-02-15 01:30:58 · answer #1 · answered by Venita Peyton 6 · 1⤊ 0⤋
Most mortgage professionals have an area-specific formula they use to estimate taxes and insurance, like, for instance, $50/$100,000 for taxes and $25/$100,000 for insurance. But these can vary wildly from location to location.
See if you can get on your county tax assesor's web site, enter the address, and find out how much the taxes actually are. Or put in the address of a similarly priced property and see if you can use that as an estimate.
You can call you homeowners carrier and ask for an estimate based on location and cost.
2007-02-15 09:31:45 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
Each disctrict will have its own property tax laws based on several different factors. Typically, real estate taxes vary from about 1-2% with most around 1.5% of the assesed value. So my guess would be around 5-6k a year would be the property tax on that house. My state hs low property taxes. Our place is going to be around 380 k and the property taxes are 3500 a year. But thats considered low.
Home insurance , much like car insurance can vary depending oh who you go through. Typically that should be around 1k a year for a 4000k$ home. But it all depends who you go through.
So I would guess about 450/month in taxes and 80 a month in insurance.
2007-02-15 09:45:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋