How much of a down payment should I make on my new home?
Using This Calculator
- Property Tax: Tax rates in the Richmond MSA average to $0.85 per $100. For specific tax rate in the area you are purchasing please visit that county’s website or give them a call. Real estate taxes are calculated by multiplying the property’s assessed value by the current tax rate. For example:, if the tax rate is $0.85 per $100 of assessed value and the property is assessed at $200,000, you multiply $200,000 by 0.0085, which gives you an annual tax of $1,700.
- Property Insurance: A good rule of thumb is to divide the value of the property by 1,000, then multiply by $3.50. So a $200,000 property would be $700 annually, or $58.34 monthly. Insurance cost can vary by provider, coverage, location, and value of property, for a more accurate quote please consult with your insurance company.
- Origination fee: This usually runs around $1,000. Please consult with your MLO for a more accurate estimate.
- Closing costs: These are generally around 2% -4% of the value of the property. For a $200,000 property the closing costs could range between $4,000 and $8,000. Please consult with your MLO for a more accurate estimate.
- Mortgage Insurance: These rates can vary and are typically determined as part of underwriting of your loan. Generally if your loan to value is less than 80% you will not be required to pay for mortgage insurance. This calculator only provides a rough estimate on how much it may cost.