Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $ to your monthly payment.
TOTAL Monthly Payment: $0 (monthly + pmi)
Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value.
Let's say that your property's assessed value is 85% of what you actually paid for it - $0. This would mean that your yearly residential taxes will be around $0, and this could add $0 to your monthly payment.
The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)
$0 = $0 X 0 / 100)
The interest rate = The annual interest percentage divided by 100
0 = % / 100
The monthly factor = The result of the following formula:
The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)
0 = 0 / 12
The month term of the loan in months = The number of years you've taken the loan out for times 12
Months = Years X 12
The monthly payment is figured out using the following formula:
Monthly Payment = 0 * (0 / (1 - ((1 + )-(0))))
The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.
Amortization For Monthly Payment: $0 over 0 years
Totals for year 0
You will spend $0 on your house in year 0 $0 will go towards INTEREST $0 will go towards PRINCIPAL
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