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Most
mortgage loans can be repaid in 30 years and the interest rates vary
depending on your credit, loan program, market conditions, among
others. Enter your loan amount, the estimated annual property taxes
and homeowners insurance and click on "Calculate Now!"
The results will be broken down into 4
categories:
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Monthly Principal +
Interest: The combined amount of principal and interest due
every month on the loan. The payment is based on the interest
rate you provided in the previous section.
-
Monthly Tax: The annual
tax divided by 12 months. Most lender require you pay the
monthly portion of the tax bill so that they can pay it when it
becomes due in November.
-
Monthly Insurance: This
prorated amount is also escrowed by the lender in order to
insure that the property remains insured. You may be able to
waive escrow payments depending on the type of loan you obtain.
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Total Payment: The sum
of Principal & Interest, tax, and insurance. This is your
monthly payment.
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