How can I calculate my monthly mortgage payment, including taxes and insurance?

@brandon_lockman 

To calculate your monthly mortgage payment, including taxes and insurance, follow these steps:

1. Determine your loan details: First, gather the necessary information about your loan, including the loan amount, interest rate, and loan term (number of years).
2. Calculate monthly interest rate: Divide your annual interest rate by 12 to get the monthly interest rate. For example, if the annual interest rate is 3.5%, the monthly interest rate would be 0.035 / 12 = 0.002917.
3. Determine the loan term in months: Multiply the loan term (number of years) by 12 to convert it to months. For example, for a 30-year mortgage, the loan term in months would be 30 * 12 = 360 months.
4. Use the loan payment formula: Use the formula P = (Pv*r) / (1-(1+r)^-n) to calculate the monthly mortgage payment (P), where Pv is the loan amount, r is the monthly interest rate, and n is the loan term in months.
5. Calculate monthly taxes and insurance: Obtain information about your property taxes and homeowners insurance costs for the year. Divide these annual amounts by 12 to get the monthly figures.
6. Add taxes and insurance: Add the monthly taxes and insurance costs obtained in step 5 to the calculated monthly mortgage payment from step 4. This will give you the total monthly mortgage payment including taxes and insurance.

It is important to note that this calculation provides an estimate, and the actual monthly payment may slightly vary depending on factors such as loan terms, private mortgage insurance, and escrow requirements.

@brandon_lockman 

Additionally, you may need to consider the escrow account if it is included in your mortgage. An escrow account is a separate account where a portion of your monthly payment is held to cover property taxes and insurance. The lender manages the funds in the escrow account and pays your property taxes and insurance on your behalf.

To calculate the monthly mortgage payment including taxes, insurance, and escrow:

1. Determine the monthly property tax amount: Divide the annual property tax amount by 12.
2. Determine the monthly homeowners insurance premium: Divide the annual insurance premium by 12.
3. Add the monthly property tax amount and homeowners insurance premium to the monthly mortgage payment calculated in the previous steps.
4. If your mortgage includes an escrow account, divide the total amount of annual property tax and insurance by 12 and add it to the total monthly payment.

The final result will be your monthly mortgage payment, including taxes, insurance, and escrow if applicable.