Idaho Mortgage Calculator | Ascension

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Idaho Housing Market

The median home value in Idaho is $ 315,911, reports Zillow. At Boise, it’s $ 365,429. But that doesn’t tell the whole story.

Home values ​​in Idaho have increased 11.4% in the past year, which is consistent with the US real estate market as a whole. Home values ​​rose in large part due to limited sellers’ inventories and historically low mortgage rates.

The good news: Idaho home values ​​are expected to rise further. In fact, they are expected to increase by at least 8.2% in the coming months. If you buy now, you could see your property rise in value quickly.

Idaho also has low property taxes. They represent on average 0.69% of the estimated value of a house. For a house valued at $ 315,911, that works out to about $ 2,180 per year in property taxes.

How do I calculate my mortgage payment?

Idaho mortgage rates today are extremely competitive, which is great for home buyers. Our helpful mortgage calculator will help you determine your mortgage payment in Idaho.

For example, if you take out a $ 100,000, 30-year, 2.82% fixed mortgage, our Idaho mortgage calculator says you’ll consider a monthly payment of $ 411.96 for principal and interest.

However, your total monthly fee will be higher because you will have to factor in other expenses. Our Idaho mortgage calculator estimates some of these costs to give you an idea of ​​what they might look like. These include:

You can also play with our Idaho mortgage calculator and determine your monthly costs based on different loan or down payment amounts.

If you want to calculate your monthly payment without using the mortgage calculator, you can use this formula:

Things to Know Before Buying a Home in Idaho

Typically, your mortgage payment, including property taxes, home insurance, PMI, and HOA fees, should not exceed 30% of your take home pay. Use our Idaho mortgage calculator to find out what you’ll pay. If you bring home $ 4,000 per month after taxes, you will be limited to $ 1,200 for your all-inclusive mortgage payment.

But you will also have to plan for other expenses. Maintenance and repairs are irregular (but necessary) expenses of homeownership. Keep in mind that our Idaho mortgage calculator doesn’t include maintenance or repairs in its numbers – you’ll have to factor them in yourself.

Maintenance

You’ll also need to factor in upkeep, which can be anywhere from 1% to 4% of your home’s value per year. It’s hard to know at which end of this range your costs will fall. It depends a lot on the age and condition of your home, its size, and the size of your yard and property. You will find that much of the money you spend on maintenance will be related to exterior items, like lawn care and landscaping. A good way to find out what to expect is to pay attention when inspecting your home. The inspection will reveal a lot about the condition of your home.

Repairs

You will also need to factor home repairs into your budget. These can be much less predictable than maintenance. You can allocate $ 100 per month for repairs, but if a boiler repair of $ 2,500 happens to you, that $ 100 will not be enough. If you strive to save that $ 100 during the months when you don’t need repairs, you’ll have an easier time covering expensive repairs when they do. to do arise.

Build up a strong emergency fund – one with enough money to cover three to six months of living expenses – before you buy your home. This will allow you to pay for repairs without going into debt.

Tips for first-time home buyers in Idaho

The Idaho Housing and Finance Association has a number of programs designed to help first-time home buyers.

Depending on your income and credit rating, you may be eligible for these options:

  • Fannie Mae or Freddie Mac FHA Senior Loans, which allow down payments of as little as 3% for first-time buyers
  • The FHA / VA / RD First Loan program, which offers reduced rate mortgages to those who qualify for an FHA, USDA or VA loan
  • Loans for down payments and closing costs
  • Second mortgages for down payments and closing costs, which allow a loan of up to 3.5% of the sale price or appraised value of a home
  • A mortgage credit certificate, which gives buyers a tax credit of up to $ 2,000 per year for mortgage interest paid each year

You should also know that there are steps you can take as a first-time buyer to increase your chances of getting approved for a mortgage loan in Idaho, and at a competitive rate. These include:

The more effort you put into this, the smoother the mortgage application process will be.

It is also worth researching the differences between variable rate mortgages and fixed rate mortgages. You might be impressed with the low rates offered with variable rate mortgages, but you should know all the details before signing up. Fixed rate mortgages may have slightly higher interest rates, but they can be more predictable.

Are you ready for a mortgage in Idaho?

If you’re ready to buy a home in Idaho, use our Idaho mortgage calculator to see what your monthly mortgage costs will be. But also, don’t just accept the first mortgage offer you get. Instead, contact different mortgage lenders for quotes.

Each lender sets their own rates and criteria, so you may find that your mortgage costs are cheaper with one lender than another. In fact, once you get your lowest bid, you can plug it into our Idaho mortgage calculator and see how much you save as you shop.


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