Understanding Your Mortgage Payments
A mortgage payment consists of multiple components beyond just principal and interest. This calculator helps you understand the true cost of homeownership by including property taxes and insurance in your monthly payment calculation.
Components of Your Monthly Payment
- Principal and Interest: The base mortgage payment
- Property Tax: Annual property taxes divided into monthly payments
- Insurance: Homeowner's insurance costs spread across the year
Understanding the Results
The calculator provides:
- Monthly Payment Breakdown: Detailed split of your monthly obligations
- Visual Charts: Graphical representation of payment components
- Amortization Schedule: Year-by-year loan balance and payment details
Note: This calculator provides estimates based on the information you enter. Actual mortgage terms and costs may vary. Consult with a mortgage professional for precise figures.