2. Property tax estimate.
Here's a quick estimate of what you might pay each month.
An estimate. Assume that you will pay about 1.5% of the purchase price of your home each year.
For example. On a $200,000 home, 1.5% is $3,000 -- or, $250 each month that must be added to your monthly mortgage payment.
Remember... Your monthly payment is not the same as the lender's calculation of your housing expense (PITI) for the purpose of determining your maximum eligibility. You will also need to add your monthly mortgage payment and insurance to this amount.
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