Buying a home is the largest purchase most of us will ever make so it's important to know how much you can afford. Financing your new home doesn’t have to be confusing. Forbes Capretto Homes has relationships with a number of lenders to make financing your new home easy and worry free.
Establishing a budget – calculating total costs
The first step in calculating your monthly payment is determining the total cost of building your home. Included in the total are:
1. Land purchase price
2. Cost of the home
Calculating Monthly Payment
Now that you have your total project cost from above, you can estimate your monthly principle and interest payment. The calculator will give you a monthly payment, which includes both principle and interest, but don’t stop there. You must also add your monthly homeowner's insurance and property taxes. These items will also be included with your monthly mortgage payment. Also, remember that without putting 20% down on your new home, you will probably be required to pay PMI or Private Mortgage Insurance. Your lender can give you more details on what this will cost.
We will be pleased to arrange an appointment for you with Forbes Capretto Homes' preferred lender who can review your unique situation and provide you with the best lending solution.
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