When The Same Loan Amount Equals Different Payments

by Tim Hart | Sep 21, 2022 3:46:00 PM

If you are out shopping for a home then you will want to watch this video. Let’s just say you have a Pre-Approval for $500k and are doing 20% down. Loan amount of $400k.

In this video, I explain how the same loan amount can equal much different monthly payment amounts.

You can watch the FULL VIDEO HERE ...


Here is a short test case.

1st $500k house. Built in 1926, in a flood zone, roof is 20 years old, has a pool, 2 floors, wood frame and is nowhere near a fire hydrant. You can imagine how much the flood and homeowners insurance will cost on that house.

In Florida that flood would be between $3k-$7k and the homeowners would be the same or more.

2nd $500k house. Brand new construction. 3/2 no pool and not in a flood zone. Insurance companies love this house!

Flood is zero and homeowners would be less than a $1K

You are looking at a swing of $6k-$15k a year or more between the two houses.

Just keep an eye on this and I go into more detail with the video.


Born and raised in Southwest Florida, I have been in the Mortgage business since 2001 I'm a grizzly, battle tested mortgage veteran. I am also the Host of Rates & Reels, which is the most popular fishing show in Southwest Florida, hosted by a guy named Tim. In my spare time I love spending time with my family, coaching baseball, and anything else my kids or wife want me to do. I would be happy to help you or someone you know with any of your Mortgage needs.

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