These calculations DO NOT consider escrows for hazard insurance, flood insurance or property taxes and assessments. These items will be added to the payment shown above.

To calculate the escrow for property taxes, you need to know what the total amount of property taxes charged on the property are for the most recent billing. This information can be obtained from the tax commissioner in the county that the property resides in or it can be calculated from the assessed value assigned by the tax assessor. The formula for this is "Assessed Value x 0.4 x Millage Rate". This amount is then divided by 12 to establish the amount that it will add to each month's payment.

To calculate the escrow for hazard and flood insurance, the total quote for insurance is also divided by 12 and added to the monthly payment.