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| payment | interest | principle | new motrgage |
|---|---|---|---|
| 1 | $903.47 | $215.76 | $196,904.24 |
| 2 | $902.48 | $216.75 | $196,687.49 |
| 3 | $901.48 | $217.74 | $196,469.75 |
| 4 | $900.49 | $218.74 | $196,251.01 |
| 5 | $899.48 | $219.74 | $196,031.27 |
| 6 | $898.48 | $220.75 | $195,810.52 |
| 7 | $897.46 | $221.76 | $195,588.76 |
| 8 | $897.46 | $221.76 | $195,588.76 |
Down Payment: $26,880.00
Mortgage amount after down payment: $197,120.00
Monthly Payment: $1,119.23 (Principal and Interest Only)
Since Principal and Interest are not the only factors of a loan we should include an estimate for PMI, Taxes and Insurance. An average tax figure for your home could be about $10 for every $1000 assessed value. If the assessed value of your home is 85%, this would make your home's assessed value $190,400.00, and your monthly tax $158.67. Your down payment was less than 20% of the loan. Which means you will be paying PMI. This averages around $56 for every $100,000 borrowed. An estimate for PMI will be around $110.39 per month.
With PMI, Taxes, and Homeowners Insurance ($56 average) your payment would be close to $1,444.28.