You will need to add into the monthly payments, calculated in a previous step, the monthly property taxes and monthly home owner's insurance.
Following are steps to guide you through the process:
- You can call us or the town tax assessor to get the tax rate for any town in MA and NH.
- With the tax rate (in number of dollars charged/$1000 of the assessed value of a property) you can then call us or ask the tax assessor
for the assessed value of a property and divide it by 1000.
- The resulting number is then multiplied by the tax rate and the result is your yearly property tax.
- Divide the yearly tax by 12 months and add this to the monthly mortgage payments from the mortgage calculator (from Step 2:).
- Next you will need to call your insurance broker and ask for a typical insurance rate/month it will cost you for a home owners insurance
policy for the home you selected for the original estimated sale price (from Step 2:).
- Add the monthly insurance payments to the monthly mortgage payments and then add the tax per month. Now you have your total monthly
payments for a property.
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