5618 Wild Iris, Haslett     $369,900


This Property

est. using 4.45 % rate / 30 yr term
Sale Price 369,900
Downpayment - 20% 73,980
Mortgage Pmt 1,491
Property Tax Est. 550
Monthly Insurance Est. 108
Total Est. Monthly Pmt 2,148

Your Offer

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a happy property buyer
Ways To Save Money On Your Home Purchase

Make a Larger Down Payment

If possible, consider making a larger down payment to reduce the amount of your monthly mortgage payment.  The more money you put down the lower your monthly mortgage payment will be.  If you put at least 20 percent down, you won't have to pay private mortgage insurance which can save you quite a bit of money.  To see how your property payment breaks down over time, use the "Show Amortization" button in the top row above.

Lower Your Property Tax Assessment

If your home loan includes an escrow payment, property taxes may be a significant part of your mortgage payment each month.  Property taxes are calculated using your local tax assessment of how much your home and land are worth.  Some tax assessments become overvalued causing your property taxes to be too high relative to your neighbors.  You can request a tax assessment adjustment.  If your request is approved, the amount of your property taxes will decrease, which will reduce your monthly mortgage payment.

Make Extra Principle Payments

Like with all loans, the more you put toward the loan balance, the sooner you pay off your loan.  Your extra payments reduce your remaining balance and reduce the total interest you pay dramatically.  Use the "PAYOFF YOUR MORTGAGE EARLY" calculator above to see how much you could save.  Vary the amount of your extra payment to calculate how fast you could pay off your mortgage.  Making extra payments is not easy to do, but if you have any extra income, receive any gifts, bonuses or income tax refunds, you could use that money to save thousands of dollars of interest and build your home equity at the same time.

Pay Your PMI Upfront

If you didn't put 20 percent down you may have the option to pay your private mortgage insurance upfront.  You may not have enough money in your bank account to make a 20 percent down payment, but you may be able to cover your mortgage insurance, which will lower your monthly mortgage payment.

Get Rid of Your PMI

If you are paying private mortgage insurance and you have built up 20 percent equity in your home, you can request your lender drop your PMI.  If your request is approved or if you end up refinancing your home at a lower rate, your mortgage payment could be lowered, possibly by a lot.

Consider Renting

If you have extra space, having a tenant can generate extra income.  If you have an extra bedroom, basement, or apartment over the garage, and there are no laws against it, consider renting to a friend or trusted tenant.  Even if it's just a few hundred dollars each month, that money can help reduce your mortgage payment until you can refinance your loan or take advantage some of the other options to reduce your monthly payment.

Federal Loan Modification Programs

If you're undergoing a financial hardship and need mortgage payment help, the U.S. Department of Housing and Urban Development, Secretary Ben Carson may be able to help.  You may also be able to get assistance from your lender to reduce your mortgage payments.  Explore all of your options to see which solution will help you the most.