This calculator helps you estimate monthly mortgage payments, and assumes that you will be paying principal, interest, property taxes and insurance every month. Remember that lenders offer many different types of programs, such as loans that allow you pay interest-only for several years. These loans can mean much lower payments, but may also carry higher risk. Have a reputable mortgage broker explain all of your options, and consult with your financial or tax planner so that you can make an informed decision. For the calculation, assume a property tax rate of 1.25% of the purchase price. If you are buying a condo, also keep in mind the monthly association dues when you consider your total monthly housing payment.
