There actually are places in JC where taxes are $2400/yr (not for a whole house but for a 1 bdr condo 650 - 700 sq ft).
In fact, my prediction is that over time, the high taxes downtown will drive people to invest in the JSQ/McGinley Sq/Lincoln Pk area, helping a resurgence there.

of note - I do not own property in JC so this is simply my speculation

Thank you guys.

I'm going to guess some combo of RE taxes and mortgage insurance accounts for that $200 bucks...most likely the former.
(Oh to live in a town where taxes are $2400 a year.)

Sorry, I had inteded to post this in Real Estate...but all is well.

Often the bank will waive the mortgage ins. on a REO (a property they actually owned) if they do the financing because that property converts directly to them on a default. They will always try to include it in the deal. Sometimes a long standing account or something like a CD account/Investment/IRA account will be enough to have it negotiated out.

Yes that seems about right for property taxes. That being said, if there is no money down, the bank might have some reason to add mortgage insurance (that they would lift when one reach a certain % of equity), which can be ~$100 more.

Ask Nidia Lopez.

It probably was the estimated property taxes. This was very common on all my Florida real estate transactions especially the ones with 100% financing. Don't know about Georgia taxes but the amount would be about right for Florida. Lenders don't not want to have to pay taxes on a tax defaulted asset, which they would have to do to retain first position on the property. Many times there is a proviso that when the equity in the property exceeds a certain amount that this stipulation may be lifted. (usually done on a refinance)

I am a fan of a lot of the HGTV programming. On MY FIRST PLACE, a woman bought a nice Atlanta home that was in foreclosure and held by a bank.
At the end of the show they summarized the sale:
$156,000
30 year Fixed Mortgage at 6.125%
with no money down.
Monthly Cost: $1152.79.

So I looked up my amortization program and it showed a monthly payment of $947.87 to amortize the loan.

What is the likely cause of this $200 discrepancy?
Is it something like mortgage insurance becasue of 100% financing (seems high?)
Is it likely to include real estate taxes or anything else that would be typically included?

Any guesses?