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How do you calculate home insurance and tax?
I’m planning on purchasing a home in the next year. I’ve been looking at a ton of different homes, but I’m not too sure what I can afford. I know I’ll have to factor in home insurance and property tax into my payment. What’s the easiest way to calculate home insurance and tax?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Looking into the cost of your
home insurance
and property tax is a smart decision before deciding your purchase budget. There are several ways to calculate your home insurance and tax, but the easiest is through online calculators. Financial websites often offer calculators for estimating both your property tax and home insurance, based on the area you’d like to live in and the potential cost of your home. Additionally, if you have a lender in mind for your mortgage, they likely have a mortgage payment calculator on their website as well.
A mortgage calculator will determine how much your monthly payment will be, based on:
- A home’s purchase price
- Zip code
- Loan interest rate
- Estimate of home insurance
- Estimate of tax
- Estimate of mortgage insurance
If you’re looking for a more hands-on technique, you’ll need to do some research. Once you know what area you want to live in, you’ll need to access the county’s tax records. These records will give you an idea of how much people in your area or zip code pay for property tax.
From there, you can
request quotes
from home insurance companies based on the estimated replacement cost of a potential home and its address. Once you have an estimate, you can add both your home insurance and property tax together to see how much you’ll be spending yearly on both. If you’d rather leave the hard work of gathering home insurance quotes to someone else, use
Jerry
. The Jerry app can collect quotes from top insurance companies, like Travelers and Progressive, in seconds. Jerry’s friendly and experienced agents are also available to answer any questions you may have about coverage.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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