Mortgage Payment Equation

Principal + Interest + Mortgage Insurance (if applicable) + Escrow (if applicable) = Total monthly payment

Principal

The borrowed sum of money.

Interest

The fee for the loan.

Mortgage insurance

The required insurance safeguarding your lender's investment when financing 80% or more of the home's value.

Escrow

The monthly expenses for property taxes, HOA fees, and homeowner's insurance.

Payments

To determine the total number of payments, multiply the duration of your loan in years by 12 months. For instance, a 30-year term equals 360 payments (30 years x 12 months = 360 payments).

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When are you planning on buying a new home?

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