Please note: this calculator is an estimate only (there are many factors that will affect your actual payment)! To get an exact payment amount, please click HERE and a mortgage broker will be in touch.
- Sales Price: Enter the sales price of the home.
- Down Payment: In most cases, this will be a minimum of 3.5% (FHA Loans) or 3% or 20% (Conventional Loans) of the sales price. For a VA Loan, you do not need a down payment.
- Term in Years: Most mortgages are either 15 or 30 years.
- Interest Rate: This will vary depending on your credit score. The default interest rate shown is the current average for a 30 year conventional mortgage.
- Property Taxes: Click on this link for an estimate Lee County Tax Estimator
- Home Insurance: This will vary depending on the coverage you get for your home. As a starting point, plan on $35 for every $100,000 of the homes value. (Also keep in mind that if the home is in a flood zone, you will also need flood insurance).
- PMI: PMI is usually .5-1% of the sales price. If you put 20% or more down, you will not need PMI. You will also not need PMI if you have a VA Loan.