Pennsylvania Mortgage Calculator | The Ascent – The Motley Fool

April 23, 2022 By admin

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Before you apply for a personal loan, here's what you need to know.
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If you're planning to buy a home in Pennsylvania, it's important to know what monthly mortgage payment you're signing up for. Our Pennsylvania mortgage calculator will give you all of the information you need to figure out what your monthly housing payments will look like. We'll also walk you through the process of getting a home loan so you know what to expect.
If you're planning to buy a home in Pennsylvania, it's important to know what monthly mortgage payment you're signing up for. Our Pennsylvania mortgage calculator will give you all of the information you need to figure out what your monthly housing payments will look like. We'll also walk you through the process of getting a home loan so you know what to expect.
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Pennsylvania is a seller's market right now — home prices are going up. There's a limited number of homes listed on the market, and a large number of buyers interested in owning them.
According to Zillow, home prices in Pennsylvania have gone up 4% over the past year. The median home value in Pennsylvania is now $198,377. Meanwhile, the median price of homes that are currently listed for sale in Pennsylvania is $210,000. You can use our mortgage calculator for Pennsylvania to estimate the monthly cost of a mortgage in that range. If you're not sure what mortgage rate to expect, check our guide to current Pennsylvania mortgage rates.
Foreclosures are higher in Pennsylvania than they are nationwide. The percentage of delinquent mortgages in Pennsylvania is 1.3% — higher than the national rate of 1.1%. Furthermore, 9.3% of Pennsylvania homeowners are underwater on their mortgages (their homes aren't worth enough to pay off their outstanding home loan balances).
There are several things that go into a mortgage payment calculation, including:
You can use our Pennsylvania mortgage calculator to see what your monthly payment will be.
To start, monthly mortgage payment will depend on the purchase price of your home and the mortgage rate you lock in. Let's say you're looking to take out a 30-year fixed $150,000 mortgage with an interest rate of 3.2%. Your monthly loan payment would be $649.03. That combines your principal and interest payment.
It's a bit complex, but you can calculate your principal and interest by hand using this formula:

If you don't make a 20% down payment on your home, you'll need to pay for private mortgage insurance, or PMI. Our mortgage calculator for Pennsylvania includes an option to calculate PMI: just click "Additional Inputs," under "Mortgage Type."
You'll also need to add property taxes and homeowners insurance to your monthly home ownership costs. You can pay property taxes to your city or municipality directly (usually once every quarter). Alternatively, you can pay your mortgage lender extra each month, and they'll pay those taxes for you. The same is true for your homeowners insurance: You can pay your annual premium directly to your insurance company yourself, or pay your mortgage lender more money each month to cover that expense for you.
Also, if you buy a home that's part of a homeowners association (HOA), you'll need to factor those fees into your mortgage payments as well.
That's why it's helpful to use our mortgage calculator for Pennsylvania; it will give you the total picture of what you're required to pay, so there are no surprises. It will also break down your costs so you can see exactly what you're paying for. You can enter these extra monthly costs into our Pennsylvania mortgage calculator by using the "Additional Inputs" option.
Before you buy a home in Pennsylvania, you'll need to make sure you're in a strong enough financial position to do so. Start by saving up enough money for a down payment without leaving yourself too little in the way of emergency savings.
A good rule of thumb is to try to make a 20% down payment on your home, Some lenders (but not all) will still approve you for a mortgage with a smaller down payment. But if you can put down at least 20%, you can avoid PMI — which will lower your monthly mortgage costs.
Also, putting 20% down can help you avoid going underwater on your mortgage. That's when your home goes down in value over time, and you end up owing more on your mortgage than your house is worth. A larger down payment means a smaller home loan. And with a smaller home loan, it's unlikely your house will lose so much value that you're underwater.
However, you shouldn't deplete your savings to put a down payment on your home. Be sure to leave yourself with enough money to cover three to six months of essential living expenses. Remember, in addition to your mortgage payment, you'll be responsible for maintenance and repairs once you buy your home. It's important to keep some money in the bank for that purpose.
It's natural for first-time home buyers to be a little nervous about the process, since buying a home is a substantial undertaking. There are a few things that can improve your chances of getting pre-approved for a mortgage with low interest rates and good loan terms.
Here are a few tips for first-time homebuyers in Pennsylvania:
Pennsylvania has some first-time homebuyer programs that could help you purchase your new home. The Pennsylvania Housing Finance Agency (PHFA) offers these three programs:
If you're financially prepared to take on the responsibility of a mortgage in Pennsylvania, check out our guide to home loans to make sure you're fully informed. After that, your best bet is to shop around with different mortgage lenders to see what offers you qualify for. Once you get those numbers, you can plug them into our Pennsylvania mortgage calculator to get a solid sense of what your monthly housing payments are likely to be. And that way, you'll avoid getting in over your head.
Here are some other questions we've answered:
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