Most loans are quoted as PITI loans (principal/interest/taxes/home insurance).
How much are property taxes?
Ventura County (.000608)(0.730%)
LA County(.00060) (0.720%)
Orange County (.000575) (0.690%)
So monthly property taxes are calculated by taking the principal ($500,000) multiplied by .000575 for an Orange County home and you would enter $288 in that field.
What about PMI?
How much is PMI?
The average cost of private mortgage insurance, or PMI, for a conventional home loan ranges from 0.58% to 1.86% of the original loan. To get an estimate of PMI, take the $500,000 principal and multiply times .0058. This gives you $2,900. Divide by 12 payments per year and get $241/month. (The example above used .005 instead of .0058) All calculations here are for illustration and do not necessarily apply to your loan situation. Consult us for an actual quote.)
