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What's in a Mortgage Payment?

what's in a mortgage PAYMENTO a mortgage payment is made up of 4 components P.I.T.I. PRINCIPAL. INTEREST. TAXES. INSURANCE. a case study If you purchase a house for 269,000 with a 20% downpayment, THIS is what you're looking at.. MONTHLY PAYMENT PRICE OF HOME BREAKDOWN %'s 269,000 20% DOWN PAYMENT 53,800 5% MONTHLY PAYMENTS INSURANCE 1,451.51 20% THE BREAKDOWN* ACTUAL TAX PRINCIPAL + INTEREST $1095.51 COST 75% 523,622.67 TAX PRINCIPAL $280.00 + INTEREST PROPERTY INSURANCE $79 what if you don't put 20% down? Well, that brings in a whole new element: PRIVATE MORTGAGE INSURANCE (PMI). Here's the thing..if you don't have the cash to put a full 20% down on the home of your dreams, your lender is going to consider you a bit more of a risk. To protect themselves, they add PMI into your monthly payment until you have 20% of the equity in your home. HERE'S AN IDEA OF WHAT PMI COULD ADD TO YOUR MORTGAGE PAYMENT... (based on down payment percentages) 10 15 PERCENT PERCENT PERCENT PRICE OF HOME PRICE OF HOME PRICE OF HOME 269,000 269,000 269,000 5% DOWN PAYMENT 10% DOWN PAYMENT 15% DOWN PAYMENT 13,450 26,900 40,350 MONTHLY PAYMENTS MONTHLY PAYMENTS MONTHLY PAYMENTS 1,723.80 1,651.97 1,580.14 ACTUAL COST ACTUAL COST ACTUAL COST 612,902.43 579,190.90 550,672.42 THE BREAKDOWN* THE BREAKDOWN* THE BREAKDOWN* PRINCIPAL + INTEREST $1,300.92 PRINCIPAL + INTEREST $1,232.45 PRINCIPAL + INTEREST $1,163.98 TAX TAX TAX $280.00 $280.00 $280.00 PROPERTY INSURANCE PROPERTY INSURANCE PROPERTY INSURANCE $79.00 $79.00 $79.00 MORTGAGE INSURANCE MORTGAGE INSURANCE MORTGAGE INSURANCE $153.33 $84.74 $57.16 *Calculations made based on a 4.54% interest rate. CLICKSOC APE real estate agents that don't suck. | www.clickscape.com what's in a mortgage PAYMENTO a mortgage payment is made up of 4 components P.I.T.I. PRINCIPAL. INTEREST. TAXES. INSURANCE. a case study If you purchase a house for 269,000 with a 20% downpayment, THIS is what you're looking at.. MONTHLY PAYMENT PRICE OF HOME BREAKDOWN %'s 269,000 20% DOWN PAYMENT 53,800 5% MONTHLY PAYMENTS INSURANCE 1,451.51 20% THE BREAKDOWN* ACTUAL TAX PRINCIPAL + INTEREST $1095.51 COST 75% 523,622.67 TAX PRINCIPAL $280.00 + INTEREST PROPERTY INSURANCE $79 what if you don't put 20% down? Well, that brings in a whole new element: PRIVATE MORTGAGE INSURANCE (PMI). Here's the thing..if you don't have the cash to put a full 20% down on the home of your dreams, your lender is going to consider you a bit more of a risk. To protect themselves, they add PMI into your monthly payment until you have 20% of the equity in your home. HERE'S AN IDEA OF WHAT PMI COULD ADD TO YOUR MORTGAGE PAYMENT... (based on down payment percentages) 10 15 PERCENT PERCENT PERCENT PRICE OF HOME PRICE OF HOME PRICE OF HOME 269,000 269,000 269,000 5% DOWN PAYMENT 10% DOWN PAYMENT 15% DOWN PAYMENT 13,450 26,900 40,350 MONTHLY PAYMENTS MONTHLY PAYMENTS MONTHLY PAYMENTS 1,723.80 1,651.97 1,580.14 ACTUAL COST ACTUAL COST ACTUAL COST 612,902.43 579,190.90 550,672.42 THE BREAKDOWN* THE BREAKDOWN* THE BREAKDOWN* PRINCIPAL + INTEREST $1,300.92 PRINCIPAL + INTEREST $1,232.45 PRINCIPAL + INTEREST $1,163.98 TAX TAX TAX $280.00 $280.00 $280.00 PROPERTY INSURANCE PROPERTY INSURANCE PROPERTY INSURANCE $79.00 $79.00 $79.00 MORTGAGE INSURANCE MORTGAGE INSURANCE MORTGAGE INSURANCE $153.33 $84.74 $57.16 *Calculations made based on a 4.54% interest rate. CLICKSOC APE real estate agents that don't suck. | www.clickscape.com what's in a mortgage PAYMENTO a mortgage payment is made up of 4 components P.I.T.I. PRINCIPAL. INTEREST. TAXES. INSURANCE. a case study If you purchase a house for 269,000 with a 20% downpayment, THIS is what you're looking at.. MONTHLY PAYMENT PRICE OF HOME BREAKDOWN %'s 269,000 20% DOWN PAYMENT 53,800 5% MONTHLY PAYMENTS INSURANCE 1,451.51 20% THE BREAKDOWN* ACTUAL TAX PRINCIPAL + INTEREST $1095.51 COST 75% 523,622.67 TAX PRINCIPAL $280.00 + INTEREST PROPERTY INSURANCE $79 what if you don't put 20% down? Well, that brings in a whole new element: PRIVATE MORTGAGE INSURANCE (PMI). Here's the thing..if you don't have the cash to put a full 20% down on the home of your dreams, your lender is going to consider you a bit more of a risk. To protect themselves, they add PMI into your monthly payment until you have 20% of the equity in your home. HERE'S AN IDEA OF WHAT PMI COULD ADD TO YOUR MORTGAGE PAYMENT... (based on down payment percentages) 10 15 PERCENT PERCENT PERCENT PRICE OF HOME PRICE OF HOME PRICE OF HOME 269,000 269,000 269,000 5% DOWN PAYMENT 10% DOWN PAYMENT 15% DOWN PAYMENT 13,450 26,900 40,350 MONTHLY PAYMENTS MONTHLY PAYMENTS MONTHLY PAYMENTS 1,723.80 1,651.97 1,580.14 ACTUAL COST ACTUAL COST ACTUAL COST 612,902.43 579,190.90 550,672.42 THE BREAKDOWN* THE BREAKDOWN* THE BREAKDOWN* PRINCIPAL + INTEREST $1,300.92 PRINCIPAL + INTEREST $1,232.45 PRINCIPAL + INTEREST $1,163.98 TAX TAX TAX $280.00 $280.00 $280.00 PROPERTY INSURANCE PROPERTY INSURANCE PROPERTY INSURANCE $79.00 $79.00 $79.00 MORTGAGE INSURANCE MORTGAGE INSURANCE MORTGAGE INSURANCE $153.33 $84.74 $57.16 *Calculations made based on a 4.54% interest rate. CLICKSOC APE real estate agents that don't suck. | www.clickscape.com what's in a mortgage PAYMENTO a mortgage payment is made up of 4 components P.I.T.I. PRINCIPAL. INTEREST. TAXES. INSURANCE. a case study If you purchase a house for 269,000 with a 20% downpayment, THIS is what you're looking at.. MONTHLY PAYMENT PRICE OF HOME BREAKDOWN %'s 269,000 20% DOWN PAYMENT 53,800 5% MONTHLY PAYMENTS INSURANCE 1,451.51 20% THE BREAKDOWN* ACTUAL TAX PRINCIPAL + INTEREST $1095.51 COST 75% 523,622.67 TAX PRINCIPAL $280.00 + INTEREST PROPERTY INSURANCE $79 what if you don't put 20% down? Well, that brings in a whole new element: PRIVATE MORTGAGE INSURANCE (PMI). Here's the thing..if you don't have the cash to put a full 20% down on the home of your dreams, your lender is going to consider you a bit more of a risk. To protect themselves, they add PMI into your monthly payment until you have 20% of the equity in your home. HERE'S AN IDEA OF WHAT PMI COULD ADD TO YOUR MORTGAGE PAYMENT... (based on down payment percentages) 10 15 PERCENT PERCENT PERCENT PRICE OF HOME PRICE OF HOME PRICE OF HOME 269,000 269,000 269,000 5% DOWN PAYMENT 10% DOWN PAYMENT 15% DOWN PAYMENT 13,450 26,900 40,350 MONTHLY PAYMENTS MONTHLY PAYMENTS MONTHLY PAYMENTS 1,723.80 1,651.97 1,580.14 ACTUAL COST ACTUAL COST ACTUAL COST 612,902.43 579,190.90 550,672.42 THE BREAKDOWN* THE BREAKDOWN* THE BREAKDOWN* PRINCIPAL + INTEREST $1,300.92 PRINCIPAL + INTEREST $1,232.45 PRINCIPAL + INTEREST $1,163.98 TAX TAX TAX $280.00 $280.00 $280.00 PROPERTY INSURANCE PROPERTY INSURANCE PROPERTY INSURANCE $79.00 $79.00 $79.00 MORTGAGE INSURANCE MORTGAGE INSURANCE MORTGAGE INSURANCE $153.33 $84.74 $57.16 *Calculations made based on a 4.54% interest rate. CLICKSOC APE real estate agents that don't suck. | www.clickscape.com what's in a mortgage PAYMENTO a mortgage payment is made up of 4 components P.I.T.I. PRINCIPAL. INTEREST. TAXES. INSURANCE. a case study If you purchase a house for 269,000 with a 20% downpayment, THIS is what you're looking at.. MONTHLY PAYMENT PRICE OF HOME BREAKDOWN %'s 269,000 20% DOWN PAYMENT 53,800 5% MONTHLY PAYMENTS INSURANCE 1,451.51 20% THE BREAKDOWN* ACTUAL TAX PRINCIPAL + INTEREST $1095.51 COST 75% 523,622.67 TAX PRINCIPAL $280.00 + INTEREST PROPERTY INSURANCE $79 what if you don't put 20% down? Well, that brings in a whole new element: PRIVATE MORTGAGE INSURANCE (PMI). Here's the thing..if you don't have the cash to put a full 20% down on the home of your dreams, your lender is going to consider you a bit more of a risk. To protect themselves, they add PMI into your monthly payment until you have 20% of the equity in your home. HERE'S AN IDEA OF WHAT PMI COULD ADD TO YOUR MORTGAGE PAYMENT... (based on down payment percentages) 10 15 PERCENT PERCENT PERCENT PRICE OF HOME PRICE OF HOME PRICE OF HOME 269,000 269,000 269,000 5% DOWN PAYMENT 10% DOWN PAYMENT 15% DOWN PAYMENT 13,450 26,900 40,350 MONTHLY PAYMENTS MONTHLY PAYMENTS MONTHLY PAYMENTS 1,723.80 1,651.97 1,580.14 ACTUAL COST ACTUAL COST ACTUAL COST 612,902.43 579,190.90 550,672.42 THE BREAKDOWN* THE BREAKDOWN* THE BREAKDOWN* PRINCIPAL + INTEREST $1,300.92 PRINCIPAL + INTEREST $1,232.45 PRINCIPAL + INTEREST $1,163.98 TAX TAX TAX $280.00 $280.00 $280.00 PROPERTY INSURANCE PROPERTY INSURANCE PROPERTY INSURANCE $79.00 $79.00 $79.00 MORTGAGE INSURANCE MORTGAGE INSURANCE MORTGAGE INSURANCE $153.33 $84.74 $57.16 *Calculations made based on a 4.54% interest rate. CLICKSOC APE real estate agents that don't suck. | www.clickscape.com what's in a mortgage PAYMENTO a mortgage payment is made up of 4 components P.I.T.I. PRINCIPAL. INTEREST. TAXES. INSURANCE. a case study If you purchase a house for 269,000 with a 20% downpayment, THIS is what you're looking at.. MONTHLY PAYMENT PRICE OF HOME BREAKDOWN %'s 269,000 20% DOWN PAYMENT 53,800 5% MONTHLY PAYMENTS INSURANCE 1,451.51 20% THE BREAKDOWN* ACTUAL TAX PRINCIPAL + INTEREST $1095.51 COST 75% 523,622.67 TAX PRINCIPAL $280.00 + INTEREST PROPERTY INSURANCE $79 what if you don't put 20% down? Well, that brings in a whole new element: PRIVATE MORTGAGE INSURANCE (PMI). Here's the thing..if you don't have the cash to put a full 20% down on the home of your dreams, your lender is going to consider you a bit more of a risk. To protect themselves, they add PMI into your monthly payment until you have 20% of the equity in your home. HERE'S AN IDEA OF WHAT PMI COULD ADD TO YOUR MORTGAGE PAYMENT... (based on down payment percentages) 10 15 PERCENT PERCENT PERCENT PRICE OF HOME PRICE OF HOME PRICE OF HOME 269,000 269,000 269,000 5% DOWN PAYMENT 10% DOWN PAYMENT 15% DOWN PAYMENT 13,450 26,900 40,350 MONTHLY PAYMENTS MONTHLY PAYMENTS MONTHLY PAYMENTS 1,723.80 1,651.97 1,580.14 ACTUAL COST ACTUAL COST ACTUAL COST 612,902.43 579,190.90 550,672.42 THE BREAKDOWN* THE BREAKDOWN* THE BREAKDOWN* PRINCIPAL + INTEREST $1,300.92 PRINCIPAL + INTEREST $1,232.45 PRINCIPAL + INTEREST $1,163.98 TAX TAX TAX $280.00 $280.00 $280.00 PROPERTY INSURANCE PROPERTY INSURANCE PROPERTY INSURANCE $79.00 $79.00 $79.00 MORTGAGE INSURANCE MORTGAGE INSURANCE MORTGAGE INSURANCE $153.33 $84.74 $57.16 *Calculations made based on a 4.54% interest rate. CLICKSOC APE real estate agents that don't suck. | www.clickscape.com

What's in a Mortgage Payment?

shared by brithulsizer on Oct 11
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A breakdown of the four main components in a mortgage payment. Also highlights how a mortgage payment changes if you put down less than 20%.

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Clickscape

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Brittany Hulsizer

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Economy
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