What Will My Monthly Home Payment Be?

When showing property, I’m often asked the question, “What will my monthly payment be on this house?” The answer many people give is simply the amount owed on the home each month, which is often called PI – principle and interest. On a $400,000 home, this would be about $1,920 (assuming 20% down and a 6% interest rate). However, PI does not completely account for the cost of homeownership. There are other reoccurring costs. Those with a little real estate savvy often use the term PITI.... Read more »