What would the house cost you each month?
Slide the price and the down payment, and the monthly payment moves with them. Below it are homes for sale at about that price today.
What $950K buys in Long Beach and LA today.
Real listings from the MLS, newest first. Move the price above and they change with it.
Your monthly payment, explained.
California starts at 1% of the price you pay, and local bonds and fees go on top. In most of Long Beach and LA the total comes to roughly 1.1% to 1.3% a year, which is why the calculator starts at 1.25%. Some newer developments add a Mello-Roos tax as well. The listing’s current tax bill shows the real figure, and I’ll pull it for any home you’re serious about.
No. With less than 20% down on a conventional loan, lenders usually add private mortgage insurance until you reach 20% equity, and FHA loans carry insurance of their own. Ask your lender for that number and add it to the estimate.
It depends on the house, its age and its fire zone. In a high fire hazard zone a policy can cost far more, and some insurers aren’t writing new ones there at all. Get a real quote while you’re in escrow, before your inspection period ends.
The dues pay for the building: the roof, the insurance on the structure, the shared spaces and the reserves for big repairs. A cheaper condo with high dues can cost you more each month than a pricier one with low dues, so look at the total, not the price.
Plan on closing costs of about 2% to 5% of the price with a loan: lender fees, escrow, title, and taxes and insurance paid in advance. Lenders also like to see some savings left over after closing.
It’s close, not exact. Your rate depends on your credit, the loan and the day you lock it. The Loan Estimate your lender sends you is the number to plan around.
Want to run the numbers with me?
Tell me the price you’re looking at and what you’d put down. I’ll check the taxes, the HOA and the insurance on real homes and tell you what to expect.
