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First home · Lesson 7 of 16
Typing your own tax and insurance
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The yearly fields are your estimates. The calculator divides each by twelve and adds them to the loan.
Where the numbers come from
Use a tax bill, a listing’s tax figure, or the county’s current assessment. Use an insurance quote or the premium you already pay. Type the yearly total, not the monthly escrow draft.
If you type the monthly amount into the yearly field, the calculator will divide it by twelve again and the housing total will be far too small.
Estimates are allowed
While you are shopping, an estimate is enough to see whether the house fits the month. Replace it when the bill is real. The account save keeps whatever you last typed, estimate or not.
The first-visit example uses a labeled sample, not your tax. Your numbers replace that sample only after you type a home price.
Leave a field at zero on purpose
Zero means you are leaving that cost out, not that the tool found a free policy. A house with no HOA should be zero. A house with tax should not.
The payment mix shows each piece, including a piece at zero by omitting it from the bar when the amount is zero. Check the fields, not only the bar.
This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.
More in Home
- The loan payment is not the house paymentPrincipal and interest can look affordable while tax, insurance, PMI, and HOA make the month too tight.
- Down payment and the amount borrowedThe loan starts at home price minus down payment. That principal is what the schedule pays off.
- How long until the balance hits 80% of the priceThe calculator walks each payment until the balance is at or under 80% of the original price, then names that month.