Principal and interest
Principal is the portion of the payment that reduces your loan balance. Interest is the cost of borrowing. On a fully amortizing fixed-rate loan, the combined scheduled principal and interest payment stays the same over the term.
Taxes, insurance, and other costs
Property taxes and homeowners insurance may be paid through escrow. Mortgage insurance and HOA dues can add to the total. Taxes and insurance may change even if your interest rate stays fixed.
Make the estimate your own
Use actual property tax and insurance estimates when you have them. Our calculator lets you adjust these amounts and enter mortgage insurance and HOA dues separately.
General educational information. Discuss your specific situation and current program requirements with your loan officer.
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