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About This Tool
*Term: We've assumed a 30-year term
*Property taxes: We've assumed a 1.5% property tax on the purchase price.
Your rate, and ultimate tax bill, may differ significantly. For a more
accurate total payment, enter your own estimated annual taxes.
*Homeowners insurance: Uses an annual premium of $,
the national average, based upon the average yearly increase between 1998 to 2003, as posted by the Insurance Information Institute.
*PMI: Your total payment includes an estimated $80 fee for private mortgage
insurance (PMI) if your downpayment is less than 20% of the purchase price.
Average PMI runs $50 to $80 per month on a median priced home of $159,000,
according to the Mortgage Insurance Companies of America. But it can climb
to $150 per month or more. |