Quick summary
Enter your home price, down payment, and loan details to see your total monthly mortgage payment breakdown. This calculator includes property taxes (1.05% in Simi Valley), homeowners insurance, and HOA fees if applicable.
Frequently Asked Questions
What's included in the mortgage payment?
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Our calculator includes principal, interest, property taxes, and homeowners insurance (often called PITI). We also add HOA fees and Mello-Roos charges if applicable. However, this calculator does not include PMI (private mortgage insurance), which may apply if your down payment is less than 20%.
How does property tax work in Simi Valley?
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Simi Valley uses the Ventura County tax rate of 1.05% of assessed value annually. This is divided by 12 for your monthly payment. Property values are reassessed when properties change ownership, potentially increasing your tax assessment significantly.
What affects my interest rate?
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Your interest rate depends on your credit score, down payment percentage, loan type (conventional, FHA, VA), loan term, and current market rates. A higher credit score and larger down payment typically result in a lower interest rate.
What's the difference between 15-year and 30-year loans?
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A 15-year loan has higher monthly payments but you pay off your home faster and pay less total interest. A 30-year loan has lower monthly payments but you pay more interest over time. Choose based on your cash flow needs and long-term financial goals.
Should I talk to a lender before calculating?
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Yes, this calculator provides estimates. A mortgage lender can give you a pre-qualification that's more accurate and shows what loan amount you qualify for based on your income and credit. Contact us to connect with a lending partner.