Most buyers only look at the loan payment. Your real monthly cost has four parts. Here's an example on a $300,000 Wisconsin home with 5% down ($15,000).
1) Principal and interest: about $1,872 a month on a $285,000, 30-year fixed loan at an example 6.875% rate.
2) Property taxes: about $500 a month if your taxes are $6,000 a year. Every $1,000 a year in property taxes adds about $83 to your monthly payment, so taxes can change your budget more than the price.
3) Homeowners insurance: about $125 a month if your policy is $1,500 a year.
4) PMI (private mortgage insurance): about $119 a month in this example. PMI applies to most conventional loans with less than 20% down, and it can come off once you build enough equity.
Total: about $2,616 a month. That's roughly $745 more than the loan payment alone, which is why it pays to run the full numbers before you start touring.
Want to see your own numbers? Try my <a href="https://adamzmortgageteam.com/mortgage-calculator/" target="_blank" rel="noopener nofollow">free mortgage calculator</a>&nbsp;at adamzmortgageteam.com/mortgage-calculator. Enter your price, down payment and taxes, and it breaks out every piece of the payment.
Example only. Your rate, taxes, insurance and PMI will vary. Adam Zeman, Senior Loan Originator, Edge Home Finance, LLC &middot; 11220 W Burleigh St, Suite 174, Wauwatosa, WI 53222 &middot; NMLS #870441 &middot; Company NMLS #891464 &middot; Equal Housing Opportunity. Not a commitment to lend. All loans subject to credit approval.

Milwaukee County

Milwaukee Metropolitan Area

Wauwatosa

Wisconsin

What's the Real Monthly Payment on a $300,000...

Most buyers only look at the loan payment. Your real monthly cost has four parts. Here's an example on a $300,000 Wisconsin home with 5% down ($15...

What's the Real Monthly Payment on a $300,000 Home?

Homes in the Village and East Tosa often draw several offers, and buyers who prepare early have a real edge. Here are three things I tell every Wauwatosa buyer before they start touring.
1) Get pre-approved first. A pre-approval shows your real price range and makes your offer stronger. Most people need recent pay stubs, W-2s, bank statements and permission to check credit.
2) Budget for the whole payment, not just the price. Every $1,000 a year in property taxes adds about $83 a month to your payment. Many Tosa homes are older, so leave room for inspection items and updates.
3) You may need less down than you think. Conventional loans allow as little as 3% down for many first-time buyers, which is $10,500 on a $350,000 home. FHA loans allow 3.5% down, and VA loans may need $0 down for eligible veterans. Some City of Milwaukee buyer programs don't apply to homes in Wauwatosa, so check before you count on one.
Questions about your own numbers? Call or text me at (414) 975-2654, or see more on buying in Wauwatosa at <a href="https://adamzmortgageteam.com/mortgage-broker-wauwatosa-wi/" rel="noopener nofollow" target="_blank">adamzmortgageteam.com</a>.
Adam Zeman, Senior Loan Originator, Edge Home Finance, LLC &middot; 11220 W Burleigh St, Suite 174, Wauwatosa, WI 53222 &middot; NMLS #870441 &middot; Company NMLS #891464 &middot; Equal Housing Opportunity. Not a commitment to lend. All loans subject to credit approval.

3 Things Wauwatosa Home Buyers Should Know...

Homes in the Village and East Tosa often draw several offers, and buyers who prepare early have a real edge. Here are three things I tell every...

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