Coldwell Banker At Your Service
DAVID BIRKA - GRI - ABR
PREMIER REAL ESTATE - ROCHESTER, MN
NEW CONSTRUCTION - RESIDENTIAL
507-250-1000
david@davidbirka.com
Rochester Minnesota Homes for Sale
Rochester Minnesota Homes for Sale
5-STAR ZILLOW REVIEWS

Mortgage Calculators

How much will my monthly payment be? How much home can I afford? Should I rent or buy? Should I refinance? To help find answers to your questions, The following link opens a new window with access to several mortgage calculators to help you get answers. These calculators can give you an estimate of your mortgage costs. You must talk to your lender to get more specific answers. When you are done, close the window to return.

Mortgage Calculators

Your monthly mortgage payment is typically made up of principal, interest, taxes and insurance. The principal is the part of the monthly payment that reduces the remaining balance of the home loan. The interest is the fee charged by the lender for borrowing money.

Principal and interest comprise the bulk of your monthly payments. The is process called amortization. It reduces your debt over a fixed period of time. Your initial monthly payments are largely interest, and as the loan matures, a greater portion of your payment goes toward the principal.

Your lender might collect 1/12th of the yearly property tax bill on a monthly basis and places the money in an escrow fund to pay your tax bill at the end of the year. You might not choose to escrow your taxes. This lowers your monthly payment but requires you to pay a larger lump sum when the taxes are due.

Lenders require that you have insurance to cover your home and your personal property against losses from theft, fire, natural disasters and other unforeseen problems. The insurance amount can be escrowed and paid much like the taxes, through a monthly payment, or in a lump sum once a year.

If you need assistance finding a qualified lender in Southeastern Minnesota, I can help.

 

Rochester MN REALTOR®
David Birka, GRI, ABR
Residential, Short Sales
and New Construction
Coldwell Banker Realtor, Rochester Minnesota Rochester Minnesota Homes for Sale Rochester Minnesota Homes for Sale Rochester Minnesota Homes for Sale Rochester Minnesota Homes for Sale Rochester Minnesota Homes for Sale

David Birka      Coldwell Banker AYS      2510 Superior Drive NW      Rochester, MN 55901      507-250-1000      david@davidbirka.com      site map

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