What Else Is It Going to Cost Me
to Own a Home in Dallas?
I.
Taxes and Hazard Insurance
(A)
Enter your desired monthly house payment including taxes and insurance:
$
(B)
Will you have less than a 20% down payment?
1.
Yes (I will calculate your approximate private mortgage insurance for you)
2.
No (Your private mortgage insurance is zero)
<-- Now Hit the Bulls-eye and I Will Do the Rest
(C)
Approximate Monthly Taxes:
$
(D)
Approximate Monthly Insurance:
$
Total Taxes and Insurance
(part of your monthly mortgage payment)
(B)+(C)+(D)=
$
II.
Utilities: Gas + Electric + Water + Trash
Use a monthly average:
$200 for 1500 to 2500 sq. ft.
$300 for 2500 to 3500 sq. ft.
Here are the Equations Used to Calculate the Amount of Taxes and Insurance
Approximate Monthly Taxes =
( Desired Monthly Payment * 110 ) * (0.025) / 12
Approximate Monthly
Insurance =
( Desired Monthly Payment * 110 ) * (0.005) / 12
Approximate Private Mortgage Insurance =
( Desired Monthly Payment * 110 ) * (0.004) / 12
(if "Yes" to
(B)
)
Zero
( if "No"
to
(B)
)
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