Buyers often believe that only their loan amount and interest rate determine their monthly mortgage payments. Many buyers, especially first-time buyers, get into trouble this way. These buyers often base their decisions on basic mortgage calculators to see how much they can afford. Some even refer to Zillow, which is almost certainly incorrect.
In reality, monthly mortgage payments include more than those two amounts. You cannot forget to add back the taxes, insurance, and even mortgage insurance, if applicable. Some properties also have an HOA and that also needs to be taken into account. Adding these amounts to the principle and interest will add several hundred dollars to the monthly payment, it is substantial. It’s best to call me and I can run updated payments that are specific to the property that you are interested in.