Question 1

What's included in a new-construction home's monthly payment?

Accepted Answer

Principal & interest on the loan, plus property tax, homeowners insurance, PMI (if you put less than 20% down), HOA dues, and in many California new communities a Mello-Roos / CFD special tax. This calculator adds them all up.

Question 2

What is Mello-Roos on a new home?

Accepted Answer

Mello-Roos (a Community Facilities District, or CFD) is a special tax many California new-construction communities use to fund roads, schools and infrastructure. It's billed on top of regular property tax and can add a few hundred dollars a month, so include it when budgeting a new home.

Question 3

How does a builder rate buydown lower my payment?

Accepted Answer

Builders often buy down the mortgage rate to below market for a period or the life of the loan, which lowers the principal & interest portion of your payment. Enter the builder's buydown rate to see the difference.

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