The first step to calculate your mortgage payment is to know the home price you are going to buy. Getting pre-qualified is ideal to help set home price.
Your down payment can be as low as 0% and as high as 40% depending mostly on your financial capacity. Money for closing costs is also necessary.
There are different types of loan programs. Some has variable interest rates (arm) others have fixed rates. Loan term usually vary from 5 to 30 years.
The interest rate can vary depending on credit score, down payment, loan program, financial capacity, index, margin and conditions of current market.
In Florida property taxes are calculated by millage rate, which vary by county. To make it easier you can calculate between 1.2 and 1.5% of market value.
Home insurance is calculated based on home age, roof conditions, rebuild cost and coverage. To get a rough estimate calculate home price x 0.0025.
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