WHAT MAKES UP A MONTHLY MORTGAGE PAYMENT?

A monthly payment isn’t just the principal and the interest payment on your loan, but also taxes, HOA fees, homeowner’s insurance, and possibly mortgage insurance payment amount (PMI or MIP). Below is an example of what a monthly mortgage payment might look like.

BELOW IS AN EXAMPLE OF WHAT A MONTHLY MORTGAGE PAYMENT MIGHT LOOK LIKE.

LOAN DETAILS: 30-YEAR FIXED, 4.54% APR

Home Price

$250,000

20% Down Payment

$50,000

Loan Amount

$200,000

Monthly Payment

$1,045

*The payment displayed is based on a 30-year fixed rate loan at a 4.54% Annual Percentage Rate (APR) and is for example purposes only.

PRINCIPAL: $261

INTEREST: $757

TAXES: $250

INSURANCE: $67