Understand Your Housing Payment and Avoid a Costly Surprise! - MortgageDepot

Abstract

These statements are false! While the principal and interest are the parts of your mortgage payment that receive the most attention, additional monthly costs could make or break your ability to afford the home you want. If you want to know where your potential housing payment stands, it's time to talk to a mortgage pro. Breaking Down Your Monthly Housing Payment There is much more to your mortgage than principal and interest. The more your home is worth, the higher your property taxes will be. Homeowner's insurance Like other types of insurance, homeowner's insurance provides financial protection if some unforeseen disaster happens to your home or on your property. Private mortgage insurance If you are getting a conventional loan and have less than 20% of the purchase price to contribute toward a down payment, expect to pay PMI until you have 20% equity in your property. Contact Us Today! Can you afford the home of your dreams? We can give you the tools you need to decide! Contact us today to see what to expect from your monthly mortgage payment.