New Site Calculates Monthly Home Payments

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Article Originally Posted on ABC 10
By: Jonathan Horn

SAN DIEGO (KGTV) – If you rent in San Diego, what you pay your landlord could be high enough to double as a mortgage payment.

Now, a new real estate website shows you just how far your monthly payment would go.

Zillow’s new website,, looks at all sorts of things that go into a monthly payment, such as your property tax estimate and homeowners insurance.

However, as San Diegans continue to look for homes, the question is: how accurate is it really?

At first, loan officer Mark Goldman was skeptical.

“Estimated should be bold, and underlined, and flashing,” said Goldman, of C-2 Financial.

He calculates complex mortgage payments every day using his trusted Excel spreadsheet. It includes property taxes, HOA fees, mortgage insurance and closing costs. does the same with all those costs. It lets renters see how far their monthly landlord check could go to paying down a mortgage.

“I always ask the borrower what is a monthly payment for them, and a lot of times it’s unrealistic,” said Goldman.

That’s because your monthly payment goes up or down depending on how much cash you have for a down payment.

In a statement, Zillow Group says the website isn’t risky by emphasizing monthly payment. That’s because all homes start with a 30-year-fixed mortgage rate, so unlike a car loan, the payment can’t be lowered by extending the time to pay it back.

Goldman plugged in 10 percent for a $550,000 condo in North Park and adjusted the interest rate to 4.25 percent.

It would cost about $3,800 a month total.

Goldman plugged the same numbers into his Excel spreadsheet, and the result was very close.

“Based on this sample of one, I think this is a pretty reasonable estimate,” Goldman said.

Goldman said the website can’t tell all, but it does empower first-time homebuyers, and that’s a good start.


How will Trump’s tax reform impact San Diegans?

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Article by: Grecia Aguilar
Credit: ABC Channel 10 New San Diego

President Trump’s outline on tax reform could have a big impact on homeowners.
Owning a home comes at a hefty price living in San Diego
“Here in San Diego, with the median house price at $550,000,” said Mark Goldman, lecturer of real estate at San Diego State.
But homeowners get multiple benefits come tax time.
Namely, they can write off the interest they pay on their mortgages and also deduct their property tax.
President Trump’s tax reform proposal may eliminate the property tax deduction.
“Will it impact a family making $70,000 to $100,000 a year? Yes it will,” said Goldman.
He said President Trump’s plan also calls for doubling the standard deduction.
So, a married couple wouldn’t pay any taxes on the first $24,000 income they earn.
For individuals, it starts at $12,600.
That may render the mortgage interest tax write-off moot for some homeowners, because they could get more back by taking that standard deduction.
But Goldman said he doesn’t see that making home buying less attractive.
“Will it change property values? Will it change the activity in the market? Will it make my house go down in value? I don’t believe it will,” he said.
With peak home-buying season about to pick up, Goldman said it’s still a good time to buy a house.

“The market is very active right now, I don’t think that this proposal will reduce values so if you’re thinking of getting into the home-buying market this summer, get to it,” he said.

Read complete article on Channel 10 News website