The number on the listing is usually principal and interest, or someone else’s tax estimate. In Chicago that gap shows up after you offer. Escrow is not a surprise if you type the annual tax first.
You have a price. You need the monthly you will actually send. Open the Purchase tab → https://www.bankpricer.com/mortgage-calculator/?mode=purchase.
What to put in
Open the Purchase tab → https://www.bankpricer.com/mortgage-calculator/?mode=purchase.
Same list price. Down payment you can write. The rate already on your quote or a public stamp from Rate Watch. Do not use a BankPricer rate from this post. There isn’t one.
Taxes: the box is labeled Annual Property Tax. Look up the parcel and type that annual bill. Not a monthly number. Not a national default. Not a percent you saw on a blog. Cook County bills disagree from house to house. The listing often used the seller’s exemption-loaded number. Yours may not.
Insurance too, if you have a quote. If you do not, leave a note and ask Jeff. Guessing insurance is still better than ignoring taxes.
How to read it
The useful number is the full monthly, not the listing P&I. If that payment only works because taxes were left out, the offer is already tight.
This is not a reason to skip the offer. It is a reason to know the payment before you write it.
What this number is not
It is not approval. It is not a BankPricer quote. It is not a reason to upload a Loan Estimate to /leah/ today. That upload is still broken.
If the gap is why you want a second pair of eyes, talk to Jeff. He originates from Chicago with Barrett Financial Group, L.L.C. NMLS 1041652. Bring the listing payment and the payment you typed.
One thing to do
Open the Purchase tab → https://www.bankpricer.com/mortgage-calculator/?mode=purchase. Same price. Statement rate. Annual tax from the parcel. See if the listing number still works.
Jeff Shin, NMLS 1041652. Barrett Financial Group, L.L.C. Chicago. Equal Housing Lender. Not a commitment to lend.