Are you looking for an accurate mortgage payment calculation in Papillion NE?

Getting an accurate mortgage payment calculation is often difficult for new home buyers. Most online mortgage calculators will give you accurate payment information, but not an accurate total payment.

The reason for this is that there is more in your house payment than just the mortgage payment. If you are like most buyers, you are going to escrow your taxes and insurance into the payment. Your mortgage servicing company will charge 1/12th of your taxes and insurance on each payment and then pay those items for you.

So how do you figure out your Papillion NE taxes and insurance?

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Papillion NE taxes

Figuring out taxes is pretty easy once you know how to do it. Most counties are going to have an online database of taxes and Sarpy is no different. If you found your dream house in Sarpy county go to the Sarpy County Assessor WEBSITE and enter the address. All public information, including taxes, is available for each residential property. A few things to remember when entering an address is the Sarpy county search is a bit “old school” and unless you enter the address exactly how they have it listed it will not appear. All street numbers will be listed without letters. For example, if the address is ‘1111 132nd St’ you must enter it as ‘1111 132 st’. Also, all directions on the Sarpy county website are entered as just the letter. For example, if the address is ‘1111 South R St’ you must enter ‘1111 s r st’. If you are still having trouble locating the home leave the street, avenue, or lane part of the address. Once you have the yearly taxes divide them by 12 and add them to your payment. Many real estate property websites offer property tax information, which is often outdated by a year or two. To get the most accurate taxes on a house go to the Sarpy County Assessor.

Homeowner’s insurance in Papillion NE

It is a bit more difficult to get an accurate insurance quote before you make an offer. Your insurance agent might be able to give you a rough estimate of insurance based on your price point. If you give them the address, a few agents might make that estimate even more accurate based on the exact property. If you are purchasing at the $220,000 average price point in Papillion NE, an estimate of $150 to $175 a month is going to be pretty close for most buyers.

Calculating mortgage insurance

This one is also difficult for a buyer to calculate on their own. It will depend on many factors such as credit score, down payment, loan size, and number of buyers on the loan. Like homeowner’s insurance, there are several companies that offer mortgage insurance rates. Unlike homeowner’s insurance, only the lender can shop around for quotes. Your best bet to get an accurate quote is to contact a lender and ask for a quote based on your exact situation. We can help you with this. For a rough estimate and with good credit, we recommend using .5% to .75% of the loan amount and then dividing it by 12 to add to the payment.

Calculating the rate on a Papillion NE home loan

An exact rate quote will depend on your exact situation. Credit score, down payment, loan program, and loan size all play a factor in the rate. You will need to contact a local mortgage lender for an accurate rate quote. But if you are just starting your home search, I’m sure you have looked a bit at average rates in the area. Using that rate quote for now (with the understanding that it is just an estimate and will likely not be your actual rate) is a good place to start.

Go to our SIMPLE MORTGAGE CALCULATOR and enter your purchase price and loan amount. When you are ready for a more accurate mortgage quote, give us a call. We are a local Papillion NE lender and will help you through the process.