What's inside a monthly payment
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The big idea
What's included in a mortgage payment?
Your payment is more than the loan.
Principal + interest · Property taxes · Homeowners insurance · PMI (if under 20% down) · HOA (if any)
See it in an example
Example
A $300,000 home, 10% down.
Principal + interest: about $1,705
Property taxes: about $300
Insurance: about $100
PMI: about $80
About $2,185 a month.
Example only. Rates and taxes change; your lender gives your real numbers.
Take the quick check
Which is NOT usually part of your monthly mortgage payment?