The first step in calculating your monthly payment is determining the total cost of building your home. Included in the total are:
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.
Drawings and floor plans are for illustration purposes only. Square footage may include clear space, e.g., two-story rooms. For actual dimensions and renderings please refer to contract documents.