Thanks for visiting our mortgage calculator Austin page! Here are some tips to help you estimate your monthly payment for a home in the Austin area:
PI – This is the principal and interest part of your payment. To get your PI, enter your loan amount, the length of the loan, and your interest rate. Loans are usually for 15 or 30 years.
PITI – This is your total monthly payment – principal, interest, taxes, and homeowners insurance. To get your PITI, add in the annual taxes and insurance for your home.
Annual Taxes – If you have a specific property in mind, enter the current tax amount. If you do not have a specific property, use 2.3% of your value as a rough estimate for taxes. This rate includes: City of Austin, Travis County, Austin ISD, Travis County Hospital District, and Austin Community College.
Austin Taxes Rates – In the Austin area, your property tax rate depends on the specific jurisdictions that govern your property. These include county, city, school district, MUD, Water District, and other small districts.
Homestead Exemption – A homestead exemption will reduce the taxes on your primary residence. There are other exemptions that you may qualify for.
Annual Insurance – Your homeowners insurance depends on many factors: Age of house, condition of roof, your credit score, the value of your personal property and jewelry, and other factors. If you do not have a specific quote on insurance, try using .005% of the value as an estimate.
Loan Payoff Schedule – Our mortgage calculator shows your payoff (amortization) schedule. It shows the effect of pre-payments on the total amount of interest paid and length of loan.
Property Tax Value – Your taxes are based on the value set by the appraisal district. The tax value may be the same as the sales price, but it in many cases it is lower or higher than the sales price. Properties are not automatically re-valued at the sales price.
Mortgage Lender – Of course, our calculator is no substitute for a good mortgage consultant. He or she will advise on a loan that works best with your needs.
Mortgage Calculator Austin – Thanks for enjoying our mortgage calculator Austin page! Hope this info answers some questions for you and helps you estimate your payment. And, if you need someone with experience in all aspects of Austin real estate, call us! We are ready to talk over your needs and help you move forward. Thanks!