Mortgage Calculator

San Diego Mortgage CalculatorSan Diego Mortgage | Payment Calculations

When using a Mortgage Calculator to determine Your San Diego Mortgage payments, there are several important things to keep in mind…

#1 – The Calculator will only give You the Principle and Interest portion of the Payment.
DO NOT get excited by this number.  Especially with the sizable home values in San Diego.  It just makes all the other payment add-ons even that much bigger!

#2 – Property Taxes are something that You cannot get around when You own Real Estate.
In almost every case, the amount of the yearly taxes will be divided by 12 and added to the monthly mortgage payment in what’s called the “Escrow Account”.  This allows You to pay the Property Taxes in smaller installments instead of getting hit with a Huge bill at the end of the Year. Just find any property that’s in Your price range and look up the Tax amount from the previous year to get an idea what You should be adding to the payment for Taxes.  Always leave a little cushion in case they go up the following year.  Your San Diego Realtor will give You this information easily.

#3 – Homeowner’s Insurance will also be a part of Your escrow account.
This is typically inexpensive, but will vary from property to property depending upon the specific location.  Some areas are more prone to flooding or earthquake damage and that would be reflected in the annual premium.  Use a high estimate for this while You’re looking around, but don’t forget to ask Your Insurance Agent about the House you really want BEFORE You make the offer just in case!

#4 – Home Owners Association (HOA) dues will vary from one property or complex to the next.
A single-family home will typically not have HOA dues, but any “planned community” will.  Think about it like this… If there is a pool, Gym, tennis courts or any other type of facility-access that comes with the ownership of that home, then there is no question You will have to pay fees to an HOA.  Sometimes these fees can be VERY expensive, so make this a question You ask right away when viewing a property.

#5 – It doesn’t stop at HOA dues now, as most newer communities have Mello-Roos fees as well.   These fees go toward the infrastructure of the Community and not just the amenities.  Libraries, Roads, Schools, etc.  However, the Mello-Roos fees are only for a fixed period of time and not “endless” like HOA fees.

Now You can see why it’s important not to get too excited about a Payment the Mortgage Calculator spits out.  When You get a San Diego Mortgage, there are a lot of things to add on to the payment.  I’m here to help, so email below if You have a comment.

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