If the rate moves half a point
| Rate | Monthly payment | Difference |
|---|
This is why a rate lock matters. Your closing date can slide. Your rate lock can’t.
What this number doesn’t include
The monthly payment is only half the money question. You’ll also need cash for closing costs, prepaid taxes and insurance, and the down payment itself. Here’s what cash to close really includes. If you’re buying your first home, start with our first-time buyer guide and the 90-day timeline.
Questions people ask
What’s included in a monthly mortgage payment?
Usually principal and interest on the loan, property taxes, homeowners insurance, private mortgage insurance (PMI) if you put less than 20% down on a conventional loan, and any HOA dues. Taxes and insurance are often collected by your lender in an escrow account and paid for you.
Why do property taxes matter so much in Monroe County?
Each taxing body, the County, your town or city, your village if you’re in one, and your school district, sets its own rate every year. Two homes at the same price in different towns or school districts can have very different tax bills, and that can change the monthly payment by hundreds of dollars. That’s why this calculator asks for the actual taxes instead of guessing.
Will my taxes be the same as the ones on the listing?
Not always. The taxes on a listing can reflect exemptions the current owner gets, like STAR or a veteran’s exemption. Yours depend on what you qualify for. Here’s how STAR and Monroe County taxes work, and your attorney can confirm the numbers before you close.
What is PMI, and does it go away?
Private mortgage insurance protects the lender when you put less than 20% down on a conventional loan. It can usually be removed once you have enough equity. Your lender sets the cost and the rules, so ask them for the real numbers on your loan.
Does this work for FHA or VA loans?
It gives you a starting point, but FHA and VA loans handle mortgage insurance and fees differently than a conventional loan. Ask your lender for an estimate on the exact loan you’re considering.
Want help running the real numbers?
Tell us what you’re looking at and we’ll help you line up the taxes, the lender questions and the timeline.
This calculator gives estimates for planning only. It is not a loan offer, a rate quote or financial advice. Your lender, attorney and insurance agent will give you the real numbers.