What is Included in My Mortgage Payment?

Hi Todd Uzzell here, I want to talk about mortgage payment. Today, most people don’t realize what’s in a mortgage payment and the truth is there’s only a few things.

  • Principal and interest
  • Property taxes
  • Mortgage insurance
  • Homeowners insurance

Now things that are going to move your monthly payment are rate, because that’s part of principle and interest, property taxes, and homeowners insurance (you can shop your homeowners insurance). I normally estimate it in Arizona to be about 65 a month for a house under like 400 grand and then property taxes vary. Arizona nationwide is relatively inexpensive, but they vary.

Those are the things that are going to affect your mortgage payment and, of course, mortgage insurance. That’s going to be a constant on an fha loan and it’s going to vary on credit score loan to value for a conventional loan. These are things to think about when you think about a mortgage payment if you’re looking at Zillow or realtor.com – and you see like a three hundred thousand dollar house for eleven hundred dollars. Something’s up! I mean in today’s market, when rates are between three and a half and four percent you’re looking at about six hundred dollars for every hundred thousand that you finance, so three hundred thousand dollar house is going to be like 1750 to 1800 a month. Be wary of that when you’re doing your house shopping online. i’ll, put a mortgage calculator down below and a couple of other links, but that’s what’s in my mortgage payment, principal and interest homeowners, insurance, mortgage insurance and property taxes, so kind of think about that when you’re doing your home shopping and as always, give me a call or contact me with any questions and we’ll get them handled thanks. 480-330-1724



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