# Mortgage Rates in Massachusetts

### Mortgage Payment Information

Down Payment: | $0 |

Amount Financed: | $0 |

Monthly Payment: | $0 |

(Principal & Interest ONLY) |

Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $ to your monthly payment.

**TOTAL Monthly Payment:**$0 (monthly + pmi) Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value.

Let's say that your property's

*assessed value*is 85% of what you actually paid for it - $0. This would mean that your yearly residential taxes will be around $0, and this could add $0 to your monthly payment.- The
**down payment**= The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)

$0 = $0 X 0 / 100) - The
**interest rate**= The annual interest percentage divided by 100

0 = % / 100 - The
**monthly factor**= The result of the following formula:

The**monthly interest rate**= The annual interest rate divided by 12 (for the 12 months in a year)

0 = 0 / 12 - The
**month term**of the loan in months = The number of years you've taken the loan out for times 12

Months = Years X 12 - The monthly payment is figured out using the following formula:

Monthly Payment = 0 * (0 / (1 - ((1 + )^{-(0)})))

The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.

### Amortization For Monthly Payment: $0 over 0 years

### Year 0

Month | Interest Paid | Principal Paid | Remaing Balance |
---|---|---|---|

0 | $0 | $0 | $0 |

#### Totals for year 0

You will spend $0 on your house in year 0$0 will go towards INTEREST

$0 will go towards PRINCIPAL

## Chuck Berube

License #9512236Call or Text:

978-837-1106