Your monthly mortgage payment typically is made up of four components: principal, interest, taxes, and insurance, together known as PITI.
Part of the monthly payment that reduces the remaining balance of the mortgage.
The fee charged for borrowing money.
The amount of annual tax that you pay on your home is based on the market value of your property.
Homeowners’ insurance protects your home in the event of damage or loss.
Use our Mortgage Payment Calculator to estimate your monthly payments.
PMI (Conventional Loans) – Private mortgage insurance | MIP (FHA Loans) – Mortgage insurance premium | Guarantee Fee (VA Loans)
What’s included in your monthly mortgage payments? Do you know?
An easy way to manage property taxes and insurance premiums for your home – true or false?
What other types of properties can you buy, a duplex, manufactured home, condominium, or build one?
Having a guide to help you through the homebuying process will ensure that you know where you are in the process and allows you to know what to expect.