CandidCost · Bring-to-Your-Lender Playbook
True cost of a $425,000 home
10% down · 6.500% · 30-year loan
Lender-approved
$3,155/mo
True monthly cost
$3,509/mo
The gap
+$354/mo
| Monthly line item | Amount | Source |
|---|---|---|
| Principal & interest | $2,418 | Freddie Mac PMMS (rate) |
| Property tax | $446 | Census ACS |
| Homeowners insurance | $132 | NAIC |
| PMI (while LTV > 80%) | $159 | Freddie Mac |
| HOA dues | $0 | Your input |
| Maintenance reserve | $354 | CandidCost methodology |
| True monthly cost | $3,509 |
Questions to ask your lender
- 1.Which fees in Section A of my Loan Estimate are fixed, and which change if I compare another lender?
- 2.Can you show me this same loan with zero discount points so I can weigh the rate against the cost?
- 3.What is the APR, and how does it compare to the note rate on this loan?
- 4.Is PMI included in my payment, and at what point can it be removed as I pay down the balance?
- 5.What is my estimated monthly escrow for taxes and insurance, and how was it calculated?
- 6.Could my payment rise after the first year when the county reassesses the property at my purchase price?
- 7.Which services in Section C can I shop for, and can you recommend where to compare?