Monthly payment, including Mello-Roos
Most mortgage calculators give you principal, interest and a guess at taxes. In much of southwest Riverside County that answer can be several hundred dollars a month under the truth, because a Mello-Roos assessment is a separate charge on the parcel that no national tool knows about.
This calculator needs JavaScript, which is not running right now. Rather than leave you with a form that does nothing: the figures that decide a Southern California payment are principal and interest, property tax, insurance, HOA dues, and - in newer developments - a Mello-Roos special assessment that is charged on the parcel rather than as a percentage of value.
Call 619-987-6543 or send us the address and we will work the number out with you, including finding the actual assessment on that parcel.
Your monthly payment
An estimate from the figures you entered. It is not a loan quote, a pre-approval, or a statement of what any lender will offer you.
Why the assessment line matters so much
A Mello-Roos assessment funds the infrastructure a new development needed - roads, schools, sewers - and is levied on the parcel as a flat annual charge. It does not scale with what you paid, it does not shrink as you pay your loan down, and it is why two similar houses a few blocks apart can carry very different monthly costs.
It also ends, eventually, and the remaining term is public information. Mello-Roos, explained properly covers how to find the assessment and the payoff date for a specific address before you are committed to anything.
General information, not legal, tax or financial advice. Every property and loan differs - verify the figures for your own situation.
Want us to check these numbers against a real property?
Send this over and one of us will look up the actual assessment, tax rate area and HOA for an address you are considering - and tell you what the payment really looks like.
Would rather just talk? 619-987-6543.