The calculator looks at home owner's insurance in basis points - one hundredth of a percent. Google Sheets messes up if you put a decimal (e.g. 0.8%) in a percentage cell which is why I have to set it up that way. So when it says 60 that does not mean $60/mo. It mean 60 basis points which is 0.6% - or .006 as decimal. So for a $500,000 home 60 basis points of that purchase price is $3,000/yr or $250/mo ($500,000 * .006)
I love watching these videos. I always feel like I walk away more educated and feeling more confident in one day(soon) buying my first home. Thank you Kyle for being realistic, upfront and honest.
I had one not caring where the house was when I told her I wanted a safe neighborhood since I’m out of town always and would leave my fiancé and baby by themselves.. changed her for a new one who’s put me in nothing but good neighborhoods and on my low end of my budget
In my experience the "estimate" is off significantly. I think what they left out, when I purchased my home, was taxes and home owners insurance. Which took my monthly mortgage up by about 1200 or so. Refinancing, along with the insane Washington real estate market, was a huge help.
In my area, mortgage advertisements list principle and interest only. Assuming one qualifies for the advertised rate, once the required insurance and property taxes are factored in (in this case added to the monthly payment), the payment jumps up by about 50-60%.
yup, but mine was estimated at around 360~ and I pay 420 in total for my condo. it was a bit under estimated for me but that was due to both those things.
Great info again Kyle! Congrats again on the 100k subs. With your help, I have been able to close on a new build a few months ago. Thanks for being my guide during the process.
I mean anyone who does this first mistake wasn't trusting zillow, it was not being preapproved. I mean the bank will literally tell you what they expect your payment will be. The only fluctuating cost will be taxes.
My lender only took into account what the previous owner paid for property taxes, So after the first year of owning the house, my property taxes more then doubled and my escrow was significantly short, No one mentions this when buying a house.
You can pay your property taxes outside of your mortgage with 10% down this saves us $650 a month, plus our MI is $67mo. We live in the San Francisco bay area and purchased a $565K home in 2019 our payment is $1987 + $67mo MI.
Biggest scammers lol, recently bought a house for 416,000$ and on their page shows up as sold for 516,000$ I dont recommend anyone to buy a house in California right now! It aint worth it
I got quoted 650 a month on a 1400sq foot home sitting on 1 acre. I put 12k down on a 143k house. My payments are 1444 a monthly including my yearly taxes.
I do not trust Zillow because they get the information wrong. For example, a friend who is not interested in selling owns rural compounds. The Zillow estimate for his 5 acre compound lists taxes as $500 twice a year but his taxes are $2000 twice a year. On the property, he has 2 houses and a 12 car detached garage. The main house is a custom built double dome with a 4 room historic farmhouse as a guest house. Zillow estimates the value of the entire property at 79k. However, other properties in the area are valued on less than acre with 2 bedroom/1 bath and no garage are valued between 200k and 300k with higher taxes listed. Yet, friend had to have his property appraisal completed for a home improvement loan and the bank valued the property at over $1,000,000 which is a long way from Zillow's estimate of 79k.
I saw you entered the taxes they paid while the house was assessed at 148k. Wouldn't it be reassessed at the new purchase price when it's bought, causing the taxes on this house to increase by ~3.5x?
It depends on the county, but most assessed values do not directly change with the purchase price and often are re-assessed on a once per year (if not more) basis.
Anyone who just takes the numbers they see on Zillow without doing their own research is just showing they are not ready for adult hood. Buying a home is typically the biggest investment most people will ever make. They should act like it is and do some research.
Let’s assume I do have 20% down and interest rates are similar, Zillow is still way off. In my case the numbers are typically $700-$1000 more than what I’ve been getting from lender and putting us out of the running for any home in my area. It seems to be way off for whatever reason.
Yea the monthly cost section is just wrong for Zillow. You need to know the home value for the monthly loan payment, the interest rate, your utility rate, any repairs/buys you need, essentials such as internet, home owners insurance, etc. These fees vary depending on the person and the home.
I feel like the other thing is looking at a half a million dollar house and you don’t have any equity to your name. You get 250k in equity and use it to drop on a down payment, you’ll probably be better off financially
Thanks for that clarification in the comments below. I was looking at the average homeowners insurance for the Texas golf coast where we’re looking at moving and they’re saying it’s an average of over 3000 a year. So so expensive even for a little place.
Zillow in Martin County and Port St Lucie FL have been showing on older and not having a brand new roof have been showing $1,100- $1,300 a month homeowners on a average 350k to 400k🤷♀️
@@WinTheHouseYouLove In the house prices in the last six weeks have gone from 280k now to 385k and jumping by the day. How do you want to go to an open house today really excited about the mirror is they already had 222 interested people numerous contracts and nobody has even seen the house inside yet. That house is selling for $389,000 and only six weeks ago I could’ve gotten the same house even better condition for 300,000 😢The sad part is I can’t get any of them because the cash buyers are landing them all… And yes all closing 5-10% over asking.
why would anyone use the estimated payment without looking at the data that makes up that number? and any lender would vet out the real payment - if someone went forward then it's on them - I get that you are trying to add value to what you do - but most people will get the real numbers from an agent
I feel it’s decent. But I thought people knew that it had preset values like 20%. It’s just a calculator. You have to input your own information. Zillow is just giving you an example based off the ideal 20% down.
A few years ago (5) there were houses in my area and they would put 20 percent down and get there mortage around 800 to 1000 dollars per month. In today's market is that even possible? 20 percent down on a 490k house gets you a mortage around 2300 dollars per month. How do you get your mortage to 1000 or less ?
Wow love your insurance destination for Florida being 80 and that’s that would be in my dreams. Buy a new $400,000 home you’re lucky to get a 2000 a year homeowners. But if you’re buying a normal home you’re lucky if you’re not paying 5k to $8000 a year minimum.😢
It's 80 basis points or .008 of the purchase price. So for a $400,000 house that would be $3,200 ($400,000 * .008) annually :) And you can adjust it from there for what you might expect in your market. Google Sheets acts weird if you put in decimals in a percentage cell, so that's why I have to use basis points to make the calculation.
zillow seems to have been pretty shady of recent. why i say this is because they started buying and selling homes, my house value was hovering around 150,000 in a good neighborhood with great schools, and new construction happening at very high prices and the other houses in the city were all increasing by quite a bit. then when they started buying and selling houses, my values according to zillow went from 150,000 to 98,000 in a month, i imagine that was the month they started to make offers and buy homes to resell. if im wrong let me know, if it happened to you, let me know. just seemed real strange that the value dropped so much in a month and everything was and is the same as its been for years for all the houses close to me. the houses around me of about equal homes to mine are still selling around 150,000 or so, i just thought it was real strange when zillow started buying houses, my value dropped as well as my neighbors around my subdivision by roughly 50,000.
Ya funny enough opposite for me my mth payments was 3 to 5 hundred less than what Zillow estimated the property would be, it does have 32 acres of farming land so instead of paying regular taxes etc payed farmland taxes. it was interesting experience.
So buying homes that are over the 600000 mark you will need more funds to buy down that payment same thing with high end cars you can't just be buying cars and not somehow magically think you will have a low payment. You can go 40 years then refinance but somewhere along the line you will have to be paying
But why is Zillow using the market value to calculate the estimated tax? My understanding is that tax is based on the assessed value which is typically a percentage of the appraised value. When I look at the taxes section on Zillow I see that the actual assessment is typically much lower than the market value and thus the actual taxes are much lower than the estimated taxes. I find it odd that for other variables (rate, down payment) they are showing you the best case scenario but for tax they are overestimating. Am I missing something?
Wait so you’re going to be paying over 1.6 million on this 572k house at the end of the 30yr loan? I’m learning here, sorry if this is a stupid question lol I mean even if you were to take off the insurance and the taxes from that monthly bill it still doesn’t add up
Zillow actually does try to factor in property taxes and insurance but not mortgage insurance i agree. The payment on the same home can vary though as im sure you know depending on programs used, credit rating even disability status in most states. I pay $1200 less than my neighbor and we both purchased for about the same price. Flood zone matters alot also.
So Zillow is not showing you the wrong monthly payment, but a monthly payment. I mean if you just assume what you see is what you pay without looking into the details that’s on you. A little click baity but otherwise good for you to educate those that don’t understand some of the costs of owning a house
I disagree with the property taxes being accurate. Zillow shows you the average for the county you’re in but you should really go on your states website and download the tax rates per city. In my county (and every other county in New Hampshire), property taxes fluctuate up to full percentage point from city to city, even in the same county. Ignoring this can be a huge mistake on that $572K house, 1% will be an extra $476 per month.
The tax section shows you taxes from county records. It could not be more accurate. Which is why I demonstrated looking at the tax section, not the monthly payment section.
@@WinTheHouseYouLove Correct, it shows the taxes of previous owners throughout the years, but its worth noting every time the house is purchased the taxes have the possibility to jump. This is because buying a house at a new high price will most likely bump up the evaluation and be reason for the tax- assessor to reassess. Tax assessments are usually not ticked up too much year over year under the same homeowner as to not drive them out of town. The listed tax history is good for budgeting your first year of ownership, but you should do your worst case scenario due-diligence for calculating real affordability. If you see your city has a 2.4% property tax (by going to your states website, not an uncommon rate in NH), it would be unwise to assume the tax-assessor will be nice to you and let you stay at the low-assesssment 'realized' 1.4% property tax. Anyhow, great video. My state has a CRAZY range property taxes because we need to make up for no sales or income tax. It probably doesn't matter for other states.
Zillow is not wrong. They are also not psychic so of course they don't know what your specific situation is. That is why you should always go through a real estate agent. The agent’s job is to know your situation and what you can afford; to walk you through everything so there are no surprises, and everyone’s time (and money) isn’t wasted on a deal that gets “backed out of”. 20% down is recommended as it increases equity and creates lower monthly payments (plus it negates mortgage insurance bringing the payments even lower). A low down-payment (5%) and monthly payments at the top of your range is bad advice. Nobody should be buying a house they can barely afford. It takes only a few seconds to scroll down and see how that $3,200 monthly payment is calculated. As you pointed out, Zillow gives you the ability to adjust it to your specific down-payment, etc. giving you a ballpark number, but if your clients can’t even put that much effort or research into figuring that out than maybe they shouldn’t be buying a house yet. At the very least it’s up to you to educate them…before anything is signed. Saying Zillow is wrong for assuming everyone puts 20% down and that you are correct for assuming everyone should put only 5% down is complete BS. You’re coming off more used car salesman willing to get anyone into a deal whether they can afford it or not, and less ‘Advisor’ who cares about their clients and wants to get them into the right deal. All because someone is ‘approved’ to buy a house with 5% down doesn’t mean they should. This is giving me bad flashbacks from 2008. OK, rant over. Bring on all the hate comments because I said something negative about Kyle.
I think you just talked me outta buying a house , this whole process is alot ... I was planning on buying my first one this year (a house or condo ) cause I saw some that I think would be affordable . And what you showed me with Zillow I always did by changing the down payment amount which based on the homes I normally choose I could afford, ATM I have 12k debt in my car which I'm planing to pay off soon as I plan to buy this house around July or August, I have a 723 score across the 3 systems and I earn 34k a year ... I'm looking prices in the range of 124k to 150k and a payment anywhere from 650 to 1k would be manageable mortgage wise as for the other stuff they would easily be covered by the end of the month ... Should I just not bother seeing as its apparently super competitive put there or do I sound like I can make this happen ?
@@Fullrusher I don’t know, need more details. First time home owner here. Just bought a townhouse going through the Mortage process right now, my mortgage payment will be $500 a month for a 20 year Mortage or $600 for 30 year (15% down on a 100k). Then I’ve got- condo fees (HOA) - $321 $136 property tax + Mortage insurance + condo insurance haven’t found yet at around $1000-$1100 a month Pretty stressful but I’d be renting for that much for a 2 bed 2 bath
@@kktina100 wow I'm also considering that seeing as I'm open to condos , it's a great price and it seem homes are still available it just takes looking , cause I can even find some here in NJ , but I'm looking for around that my self I'm good with numbers and money and I'm not shy to work so hopefully being this is my first home I can pay it well like my car debt lol ( 46k in my car with 2500 in credit card debt down to only 12 k lol )
@@Fullrusher It’s no rush, the contest is definitely important. When you don’t rush and put off previous debt you will save a lot of money in the longer them if you qualify for a lower interest. Also make sure you have emergency fund, a plan B if something does fall through with your job or extra $ for remodeling, closing fees, you know it’s never as simple as it seems with houses. Since I’m in college the condo works for me since I don’t have to worry about fixing a roof, lawn mowing, etc. Condo fees can suck because they only get higher overtime
Not in NYC. It doesn't differentiate between a coop and condo, and for the latter lists the HOA but not the taxes. StreetEasy is a better resource where it's offered.
It helped us pick out homes for viewing. We would shot the address to our realtor and he would do the rest. Kinda like a helping hand sorta speak. Just be aware. It will drive you nuts. If I was to do it again I would let your realtor do everything. Looking for a home was crazy for us.
I just double checked and it appears to be working. Make sure you're signed into your Google account. You'll need to be signed in and then click "File" and then "Make a copy" to edit it.
When I open the calculator in Sheets all I see is the "Start Here" section with the 7 tips. I saved a copy buts its not showing any of the actual text other than the start here box. Any ideas?
@@WinTheHouseYouLove I see! Apologies! Im new to sheets. May I suggest adding "start in the dashboard tab... at the bottom of the screen.. etc" for dumbos like me. lol thanks and i love the info!
This is the reason way I'm saving up to buy my house cash I don't want to be paying Morg I save way more money that paying that amount for 30 years wen I can buy the house cash in 6 years if I save up that's a big difrent from 30
Title is misleading. When buying a home responsibly, it is smart to do your research on rates, know your credit score (and what rate you’ll have), know what you’re putting down, and have a ballpark of what insurance costs are going to be. You should also know additional costs. All of this should be found out by doing research before shrugging and saying I want to go see this home. If the top of a zillow listing is where your research begins and ends then you may not be prepared mentally to buy a house. Zillow is pretty accurate in this respect if you know your situation and tailor it appropriately. A real estate agent shouldn’t be the one who knows your circumstance better than you because once you close they are finished; you’re left doing the work of keeping your home. This is a marketing video and that’s fine but disingenuous title. The video could’ve just been called “tailoring zillow to get a personalized monthly payment estimate” or something like that.
this sucks.... Colorado is so bad right now... How can grocery store workers or starbucks employees afford a home? this is going to get bad. I think a housing crash is coming...
The calculator looks at home owner's insurance in basis points - one hundredth of a percent. Google Sheets messes up if you put a decimal (e.g. 0.8%) in a percentage cell which is why I have to set it up that way.
So when it says 60 that does not mean $60/mo. It mean 60 basis points which is 0.6% - or .006 as decimal. So for a $500,000 home 60 basis points of that purchase price is $3,000/yr or $250/mo ($500,000 * .006)
Can you/ do you have a video on buying a new construction home for first time buyers? Particularly using Zillow information?
Lol why is you whispering , and eq some of that bass out of your voice.
Holy smokes dude, your voice is straight up late night radio host voice.
You’re voice is so soothing. Love your videos. Thanks for dropping Knowledge
I love watching these videos. I always feel like I walk away more educated and feeling more confident in one day(soon) buying my first home. Thank you Kyle for being realistic, upfront and honest.
I love to hear that, thank you for watching!
That's almost $1,000 more per month (minus utilities). This was very informative. Thank you.
Glad it was helpful!
This is why is called an “estimate”….people really should be working with their agent and broker.
When your realtor is getting you to put in offers without you knowing your true monthly payment. It's time to look for a new realtor.
I had one not caring where the house was when I told her I wanted a safe neighborhood since I’m out of town always and would leave my fiancé and baby by themselves.. changed her for a new one who’s put me in nothing but good neighborhoods and on my low end of my budget
Oh crazy... watching this randomly and you show my tiny tiny home town
Haha I live in Dayton
@@WinTheHouseYouLove Awesome!
In my experience the "estimate" is off significantly. I think what they left out, when I purchased my home, was taxes and home owners insurance. Which took my monthly mortgage up by about 1200 or so. Refinancing, along with the insane Washington real estate market, was a huge help.
In my area, mortgage advertisements list principle and interest only. Assuming one qualifies for the advertised rate, once the required insurance and property taxes are factored in (in this case added to the monthly payment), the payment jumps up by about 50-60%.
yup, but mine was estimated at around 360~ and I pay 420 in total for my condo. it was a bit under estimated for me but that was due to both those things.
Great info again Kyle! Congrats again on the 100k subs. With your help, I have been able to close on a new build a few months ago. Thanks for being my guide during the process.
Love it, congratulations!!
$12k a year in taxes on a $500k house WOW remind me not to move to Ohio
That property tax rate is 3 times the national average 🤣
Preach Kyle....its so easy to get sticker shock once u see the more accurate estimate.
For sure!
Who on gods green earth is accepting a purchase offer without a conditional preapproval in the first place. Always speak with a local lender first.
I agree! Thanks for watching!
I mean anyone who does this first mistake wasn't trusting zillow, it was not being preapproved. I mean the bank will literally tell you what they expect your payment will be. The only fluctuating cost will be taxes.
congrats on 100K subscribers! 🥳 love your content, it’s super helpful.
Thank you so much!!
Wasn’t expecting anything but good tips to know as I have looked on Zillow before. Thanks a lot! Here’s a like 👍🏼
Glad it helped!
I thought it was common knowledge to tailor the monthly payment to the individual on Zillow, Redfin etc
You and me both; How is zillow supposed to know what your credit score and downpayment are unless you tell it? 🤷🏾♂️🤣😂
@@cordbarnes exactly!!! 😂
This is what I came to say. Who’s just accepted generic numbers???
My lender only took into account what the previous owner paid for property taxes, So after the first year of owning the house, my property taxes more then doubled and my escrow was significantly short, No one mentions this when buying a house.
You can pay your property taxes outside of your mortgage with 10% down this saves us $650 a month, plus our MI is $67mo. We live in the San Francisco bay area and purchased a $565K home in 2019 our payment is $1987 + $67mo MI.
So your down payment was 10%?
Who wants to lock in a $4K payment for 30 years ?! Yikes !
Biggest scammers lol, recently bought a house for 416,000$ and on their page shows up as sold for 516,000$ I dont recommend anyone to buy a house in California right now! It aint worth it
$100,000, wow! Thanks for watching!
I got quoted 650 a month on a 1400sq foot home sitting on 1 acre. I put 12k down on a 143k house. My payments are 1444 a monthly including my yearly taxes.
If people are too ignorant to do the math then they shouldn't be buying a house. I actually like how Zillow does the listings.
I do not trust Zillow because they get the information wrong.
For example, a friend who is not interested in selling owns rural compounds. The Zillow estimate for his 5 acre compound lists taxes as $500 twice a year but his taxes are $2000 twice a year. On the property, he has 2 houses and a 12 car detached garage. The main house is a custom built double dome with a 4 room historic farmhouse as a guest house. Zillow estimates the value of the entire property at 79k. However, other properties in the area are valued on less than acre with 2 bedroom/1 bath and no garage are valued between 200k and 300k with higher taxes listed. Yet, friend had to have his property appraisal completed for a home improvement loan and the bank valued the property at over $1,000,000 which is a long way from Zillow's estimate of 79k.
I saw you entered the taxes they paid while the house was assessed at 148k. Wouldn't it be reassessed at the new purchase price when it's bought, causing the taxes on this house to increase by ~3.5x?
It depends on the county, but most assessed values do not directly change with the purchase price and often are re-assessed on a once per year (if not more) basis.
Unless your In California. Then, just wow
@@WinTheHouseYouLove Semi annual taxes
Benjamin Rosenthal has a point. The property taxes will be adjusted based on the purchase price.
Anyone who just takes the numbers they see on Zillow without doing their own research is just showing they are not ready for adult hood. Buying a home is typically the biggest investment most people will ever make. They should act like it is and do some research.
I agree! Watching videos like this is a sign of being an adult. Thanks for watching!
Rocket homes have a better breakdown. That’s what I’ve been using
First of all 3203 is a super high payment
So glad I’m a 100% DV and I don’t have to pay PT here in Texas. My 650,000 mortgage is like have a 500,000 mortgage.
Thanks for another great video, Kyle. You are helping so many people with your wonderful content. We appreciate you!
Thank you so much!
Let’s assume I do have 20% down and interest rates are similar, Zillow is still way off. In my case the numbers are typically $700-$1000 more than what I’ve been getting from lender and putting us out of the running for any home in my area. It seems to be way off for whatever reason.
Yea the monthly cost section is just wrong for Zillow. You need to know the home value for the monthly loan payment, the interest rate, your utility rate, any repairs/buys you need, essentials such as internet, home owners insurance, etc. These fees vary depending on the person and the home.
Thanks for watching!
@@WinTheHouseYouLove
Great video! I hope more people find it!
Can you tell me what the final out of pocket cost will be? Am I paying almost 1.5 mil for a 500k house at the end of 30Yr?
Is the FICO score requested by many of these search sites based on the FICO Score 8 or Score 4/5? The spread on these can be 30 or 40 points.
Absolutely they do.
Rarely do you see taxes, insurance and all that other good stuff you WILL likely be paying.
Thanks for watching!
Love a clean, effective worksheet. Thanks!
Glad you like it!
Wow! Thanks for the breakdown and access to your website!!
Glad it was helpful!
I feel like the other thing is looking at a half a million dollar house and you don’t have any equity to your name. You get 250k in equity and use it to drop on a down payment, you’ll probably be better off financially
I love your spreadsheets, I wish you had one for small landlords to keep track of income and expenses. Or is there one you recommend
Great idea! I'm not familiar with one at the moment, but Bigger Pockets may have some resources!
Thanks for that clarification in the comments below. I was looking at the average homeowners insurance for the Texas golf coast where we’re looking at moving and they’re saying it’s an average of over 3000 a year. So so expensive even for a little place.
Thank you so much for watching!! :)
After I found out Zillow was buying homes and jacking up the prices .......I'll never use Zillow again.
Great call out Kyle, and awesome resources as always!
Glad you like them!
Zillow in Martin County and Port St Lucie FL have been showing on older and not having a brand new roof have been showing $1,100- $1,300 a month homeowners on a average 350k to 400k🤷♀️
Wow that's insane!
@@WinTheHouseYouLove In the house prices in the last six weeks have gone from 280k now to 385k and jumping by the day. How do you want to go to an open house today really excited about the mirror is they already had 222 interested people numerous contracts and nobody has even seen the house inside yet. That house is selling for $389,000 and only six weeks ago I could’ve gotten the same house even better condition for 300,000 😢The sad part is I can’t get any of them because the cash buyers are landing them all… And yes all closing 5-10% over asking.
why would anyone use the estimated payment without looking at the data that makes up that number? and any lender would vet out the real payment - if someone went forward then it's on them - I get that you are trying to add value to what you do - but most people will get the real numbers from an agent
I feel it’s decent. But I thought people knew that it had preset values like 20%.
It’s just a calculator. You have to input your own information. Zillow is just giving you an example based off the ideal 20% down.
Not everyone knows :)
A few years ago (5) there were houses in my area and they would put 20 percent down and get there mortage around 800 to 1000 dollars per month. In today's market is that even possible? 20 percent down on a 490k house gets you a mortage around 2300 dollars per month. How do you get your mortage to 1000 or less ?
Wow love your insurance destination for Florida being 80 and that’s that would be in my dreams. Buy a new $400,000 home you’re lucky to get a 2000 a year homeowners. But if you’re buying a normal home you’re lucky if you’re not paying 5k to $8000 a year minimum.😢
It's 80 basis points or .008 of the purchase price. So for a $400,000 house that would be $3,200 ($400,000 * .008) annually :) And you can adjust it from there for what you might expect in your market.
Google Sheets acts weird if you put in decimals in a percentage cell, so that's why I have to use basis points to make the calculation.
Is it typical for buyer agents to put together an offer for a client without a mortgage pre-approval? If yes, that’s just insane.
Zillow underestimated my property tax by about half (2.7% vs the actual 5%)
Sounds about right!
SUPER helpful and I downloaded the Mortgage Spreadsheet!
THANK YOU SO MUCH! 🙏🏾
Awesome!!!
You have to adjust the down payment%
At minimum
This is very straightforward, thanks dude
You're welcome! Thanks for watching!
Those insurance cost are lower on every site I've ever seen.
zillow seems to have been pretty shady of recent. why i say this is because they started buying and selling homes, my house value was hovering around 150,000 in a good neighborhood with great schools, and new construction happening at very high prices and the other houses in the city were all increasing by quite a bit. then when they started buying and selling houses, my values according to zillow went from 150,000 to 98,000 in a month, i imagine that was the month they started to make offers and buy homes to resell. if im wrong let me know, if it happened to you, let me know. just seemed real strange that the value dropped so much in a month and everything was and is the same as its been for years for all the houses close to me. the houses around me of about equal homes to mine are still selling around 150,000 or so, i just thought it was real strange when zillow started buying houses, my value dropped as well as my neighbors around my subdivision by roughly 50,000.
150K homes? What state do you live in? 👀
@@koolaidshower Texas
@@Ihavetocorrectyou probably
How about ALL the TAX BONDS....they have really added up in California....NO ONE TELLS YOU THAT!
Thanks for the calculator! 💯
You bet!
Cool, now I know I'll never be able to afford a house at all. Good to know.
Ya funny enough opposite for me my mth payments was 3 to 5 hundred less than what Zillow estimated the property would be, it does have 32 acres of farming land so instead of paying regular taxes etc payed farmland taxes. it was interesting experience.
So buying homes that are over the 600000 mark you will need more funds to buy down that payment same thing with high end cars you can't just be buying cars and not somehow magically think you will have a low payment. You can go 40 years then refinance but somewhere along the line you will have to be paying
But why is Zillow using the market value to calculate the estimated tax? My understanding is that tax is based on the assessed value which is typically a percentage of the appraised value. When I look at the taxes section on Zillow I see that the actual assessment is typically much lower than the market value and thus the actual taxes are much lower than the estimated taxes. I find it odd that for other variables (rate, down payment) they are showing you the best case scenario but for tax they are overestimating. Am I missing something?
And is it true that your suppose to make three times that amount for your house whole income
Great work! I'm a fan. God bless you.
Thank you very much!
In this world of fees seen and unseen,you’d always expect to pay more.
We just need to know what we are getting into. Always do your research first. :)
Maybe its just a California thing but a buyer would have a hard time getting an offer accepted without a pre approval.
Thanks for commenting. Yes, it's always depends on your location.
Wait so you’re going to be paying over 1.6 million on this 572k house at the end of the 30yr loan? I’m learning here, sorry if this is a stupid question lol I mean even if you were to take off the insurance and the taxes from that monthly bill it still doesn’t add up
Are there anything accurate on Zillow?
Zillow actually does try to factor in property taxes and insurance but not mortgage insurance i agree. The payment on the same home can vary though as im sure you know depending on programs used, credit rating even disability status in most states. I pay $1200 less than my neighbor and we both purchased for about the same price. Flood zone matters alot also.
1200 less? Their credit has to be low.
@@Ihavetocorrectyou disabled vet and credit might be a factor. I pay no property tax though
Nice catch! Thanks for watching!
@@WinTheHouseYouLove thank you bro. Keep grinding with the tips.
Love your voice..
So Zillow is not showing you the wrong monthly payment, but a monthly payment. I mean if you just assume what you see is what you pay without looking into the details that’s on you. A little click baity but otherwise good for you to educate those that don’t understand some of the costs of owning a house
Definitely! Anyone relying on a site without looking in-depth on their finances should not be in the market.
I disagree with the property taxes being accurate. Zillow shows you the average for the county you’re in but you should really go on your states website and download the tax rates per city. In my county (and every other county in New Hampshire), property taxes fluctuate up to full percentage point from city to city, even in the same county. Ignoring this can be a huge mistake on that $572K house, 1% will be an extra $476 per month.
The tax section shows you taxes from county records. It could not be more accurate. Which is why I demonstrated looking at the tax section, not the monthly payment section.
@@WinTheHouseYouLove Correct, it shows the taxes of previous owners throughout the years, but its worth noting every time the house is purchased the taxes have the possibility to jump. This is because buying a house at a new high price will most likely bump up the evaluation and be reason for the tax- assessor to reassess. Tax assessments are usually not ticked up too much year over year under the same homeowner as to not drive them out of town. The listed tax history is good for budgeting your first year of ownership, but you should do your worst case scenario due-diligence for calculating real affordability. If you see your city has a 2.4% property tax (by going to your states website, not an uncommon rate in NH), it would be unwise to assume the tax-assessor will be nice to you and let you stay at the low-assesssment 'realized' 1.4% property tax.
Anyhow, great video. My state has a CRAZY range property taxes because we need to make up for no sales or income tax. It probably doesn't matter for other states.
No they are showing you an estimate
Bruh I was using Zillow a few months ago and the monthly payments were nuts
I know!!! Thanks for watching!
Zillow is not wrong. They are also not psychic so of course they don't know what your specific situation is. That is why you should always go through a real estate agent. The agent’s job is to know your situation and what you can afford; to walk you through everything so there are no surprises, and everyone’s time (and money) isn’t wasted on a deal that gets “backed out of”.
20% down is recommended as it increases equity and creates lower monthly payments (plus it negates mortgage insurance bringing the payments even lower). A low down-payment (5%) and monthly payments at the top of your range is bad advice. Nobody should be buying a house they can barely afford. It takes only a few seconds to scroll down and see how that $3,200 monthly payment is calculated. As you pointed out, Zillow gives you the ability to adjust it to your specific down-payment, etc. giving you a ballpark number, but if your clients can’t even put that much effort or research into figuring that out than maybe they shouldn’t be buying a house yet. At the very least it’s up to you to educate them…before anything is signed.
Saying Zillow is wrong for assuming everyone puts 20% down and that you are correct for assuming everyone should put only 5% down is complete BS. You’re coming off more used car salesman willing to get anyone into a deal whether they can afford it or not, and less ‘Advisor’ who cares about their clients and wants to get them into the right deal.
All because someone is ‘approved’ to buy a house with 5% down doesn’t mean they should. This is giving me bad flashbacks from 2008.
OK, rant over. Bring on all the hate comments because I said something negative about Kyle.
Greetings, Can you please tell me how I would get a pre approval without a hardpull?
Hard pulls are required for an accurate pre-approval
The tax map has CA at .61%, but our general tax rate is 1.0%?
Not all taxes are taxes in America
Zillow does say “Est Payment”
Zillow estimates for home values are so trash and way off
I think you just talked me outta buying a house , this whole process is alot ... I was planning on buying my first one this year (a house or condo ) cause I saw some that I think would be affordable . And what you showed me with Zillow I always did by changing the down payment amount which based on the homes I normally choose I could afford, ATM I have 12k debt in my car which I'm planing to pay off soon as I plan to buy this house around July or August, I have a 723 score across the 3 systems and I earn 34k a year ... I'm looking prices in the range of 124k to 150k and a payment anywhere from 650 to 1k would be manageable mortgage wise as for the other stuff they would easily be covered by the end of the month ... Should I just not bother seeing as its apparently super competitive put there or do I sound like I can make this happen ?
You need to pay off your car payment first, that will hinder your interest rate when borrowing.
@@kktina100 I had no idea thank you ! And I sound good on everything else ?
@@Fullrusher I don’t know, need more details.
First time home owner here. Just bought a townhouse going through the Mortage process right now, my mortgage payment will be $500 a month for a 20 year Mortage or $600 for 30 year (15% down on a 100k).
Then I’ve got- condo fees (HOA) - $321
$136 property tax
+ Mortage insurance + condo insurance haven’t found yet
at around $1000-$1100 a month
Pretty stressful but I’d be renting for that much for a 2 bed 2 bath
@@kktina100 wow I'm also considering that seeing as I'm open to condos , it's a great price and it seem homes are still available it just takes looking , cause I can even find some here in NJ , but I'm looking for around that my self I'm good with numbers and money and I'm not shy to work so hopefully being this is my first home I can pay it well like my car debt lol ( 46k in my car with 2500 in credit card debt down to only 12 k lol )
@@Fullrusher It’s no rush, the contest is definitely important. When you don’t rush and put off previous debt you will save a lot of money in the longer them if you qualify for a lower interest. Also make sure you have emergency fund, a plan B if something does fall through with your job or extra $ for remodeling, closing fees, you know it’s never as simple as it seems with houses. Since I’m in college the condo works for me since I don’t have to worry about fixing a roof, lawn mowing, etc.
Condo fees can suck because they only get higher overtime
Hi! Totally irrelevant question but, what kind of camera and microphone system do you use for your videos? Thanks for the valuable info btw
Sony a7Riii
Sigma 50m 1.4 ART
Black Pro Mist 1/4 Filter
Neumann TLM 102
Sold State Logic SSL 2
@@WinTheHouseYouLove thank you for responding!
Just found u...great info..thanks
Thank you!
Is Zillow a good place to look for a home?
Not in NYC. It doesn't differentiate between a coop and condo, and for the latter lists the HOA but not the taxes. StreetEasy is a better resource where it's offered.
It helped us pick out homes for viewing. We would shot the address to our realtor and he would do the rest. Kinda like a helping hand sorta speak. Just be aware. It will drive you nuts. If I was to do it again I would let your realtor do everything. Looking for a home was crazy for us.
The audio sync is a tad bit off.
I always try to estimate the extra cost.
That's good practice, also you can always compute for a much accurate amount. ;) Thanks for watching!
where is the PMI video
ua-cam.com/video/pJ6KiK4C0wQ/v-deo.html
Love your website…
Thank you!
What mic are you using
Neumann TLM 102
@@WinTheHouseYouLove thank you
😳…WTH
This is why I will never own a home😢
3200 dollars a month!?!? I need a better job/jobs.
It says estimate on the side
Nice catch!
@@WinTheHouseYouLove appreciate you making these videos they’re educational and helpful.
The link for the spreadsheet does not seem to work
I just double checked and it appears to be working. Make sure you're signed into your Google account. You'll need to be signed in and then click "File" and then "Make a copy" to edit it.
Let's see.... I can afford a $190K house, ya i think I'll rent for the rest of my life 😭
First step : Don't buy the house, invest instead
When I open the calculator in Sheets all I see is the "Start Here" section with the 7 tips. I saved a copy buts its not showing any of the actual text other than the start here box. Any ideas?
They're not tips, they're instructions. Step 3 says to click on the Dashboard tab on the Google Sheet
@@WinTheHouseYouLove I see! Apologies! Im new to sheets. May I suggest adding "start in the dashboard tab... at the bottom of the screen.. etc" for dumbos like me. lol thanks and i love the info!
No worries, just added that for people who download it in the future :)
Very helpful, thanks 👍
Glad it was helpful!
Uhhh is this a joke? People are that stupid that they make an offer on a house without seeing how payments are being calculated?!
No it’s not
This is the reason way I'm saving up to buy my house cash I don't want to be paying Morg I save way more money that paying that amount for 30 years wen I can buy the house cash in 6 years if I save up that's a big difrent from 30
Title is misleading. When buying a home responsibly, it is smart to do your research on rates, know your credit score (and what rate you’ll have), know what you’re putting down, and have a ballpark of what insurance costs are going to be. You should also know additional costs. All of this should be found out by doing research before shrugging and saying I want to go see this home. If the top of a zillow listing is where your research begins and ends then you may not be prepared mentally to buy a house. Zillow is pretty accurate in this respect if you know your situation and tailor it appropriately. A real estate agent shouldn’t be the one who knows your circumstance better than you because once you close they are finished; you’re left doing the work of keeping your home. This is a marketing video and that’s fine but disingenuous title. The video could’ve just been called “tailoring zillow to get a personalized monthly payment estimate” or something like that.
this sucks.... Colorado is so bad right now... How can grocery store workers or starbucks employees afford a home? this is going to get bad. I think a housing crash is coming...
Bow bow barkeyyyyy!!!!