Forgive me as I am not the best with mortgages and thus why I am coming here for advice. My wife and I are expecting our third child and so our current 1200 sq ft home is fixing to become even more crowded than it already is. We are looking at building a four bedroom for a cost of around $212,000 with likely $15,000 down after selling our current home.
All the mortgage calculators we have used give us a payment between $900-1000/mo @ 4.125% and then once we figure in the $4,300 in taxes, PMI $150ish, and $1300 in insurance we come up with a total payment around $1500 on a $212,000 home. The loan officer we have been speaking with has quoted us at $1,550 for a $180,000 home and near $1,900 for a $212,000 home.
We have not been able to figure out where the disparity is coming between the payments we have had calculated many other places and the vast difference he is coming up with. Does anyone have experience in this area that might be able to clear this issue up? Would it be in our best interest to speak with another lender?