paperboyNC
New member
Let's compare two homes:https://www.redfin.com/CA/Irvine/117-Prospect-92618/home/51682564
$1.260m
Mello-roos: $6,388.50 (2017-18), increasing 2% per year
Regular Property tax at 1.05%: $13,230
Total property tax at 1.05%: $19,618.50
Home insurance: $1,260/yr
Earthquake insurance: $264/yr
HOA: $2,580/yr
Annual mortgage payment (assuming $400k down and 4.25% rate): $48,761.04
Total first year annual costs: $72,483.54 ($6,040/mo)
Cost after five years (mello roos increased 2% per year): $73,148.46 ($6,096/mo)
https://www.redfin.com/CA/Irvine/100-Saybrook-92620/home/58556294
$1.435m
Mello-roos: $4,383.80 (2017-18), steady
Regular Property tax at 1.05%: $15,067.50
Total Property Tax: $19,451.10
Home insurance: $1,435/yr
Earthquake insurance: $851/yr (for whatever reason, the 92618 zip code is much cheaper than the 92620 zip code)
HOA: $1,320/yr
Annual mortgage payment (assuming $400k down and 4.25% rate): $61,098.96
Total first year annual costs: $84,156.06 ($7,013/mo)
Cost after five years: same
$1.260m
Mello-roos: $6,388.50 (2017-18), increasing 2% per year
Regular Property tax at 1.05%: $13,230
Total property tax at 1.05%: $19,618.50
Home insurance: $1,260/yr
Earthquake insurance: $264/yr
HOA: $2,580/yr
Annual mortgage payment (assuming $400k down and 4.25% rate): $48,761.04
Total first year annual costs: $72,483.54 ($6,040/mo)
Cost after five years (mello roos increased 2% per year): $73,148.46 ($6,096/mo)
https://www.redfin.com/CA/Irvine/100-Saybrook-92620/home/58556294
$1.435m
Mello-roos: $4,383.80 (2017-18), steady
Regular Property tax at 1.05%: $15,067.50
Total Property Tax: $19,451.10
Home insurance: $1,435/yr
Earthquake insurance: $851/yr (for whatever reason, the 92618 zip code is much cheaper than the 92620 zip code)
HOA: $1,320/yr
Annual mortgage payment (assuming $400k down and 4.25% rate): $61,098.96
Total first year annual costs: $84,156.06 ($7,013/mo)
Cost after five years: same