Your mortgage costs more than the loan payment. Property taxes, homeowners insurance, private mortgage insurance, HOA dues, and closing costs all add to what you pay, and they can change the monthly bill by hundreds of dollars. The guides and calculators in this section break down each one.
Calculators and guides
- Mortgage payment calculator Your full monthly payment with taxes, insurance, PMI or FHA mortgage insurance, plus total interest and a year-by-year amortization schedule.
- How much PMI costs PMI cost by credit score, how long you pay it, and the fastest ways to remove it.
- 15-year vs. 30-year mortgage Payments, total interest, and equity compared at current rates, plus who should choose each.
- Mortgage points What discount points cost, how much they lower your rate, and how to find the break-even.
- Mortgage escrow accounts How escrow works, why your payment changes, and the federal rules on cushions and refunds.
- How to lower your mortgage payment Remove PMI, refinance, recast, and cut taxes and insurance, with real savings for each.
Key ideas in this section
- PITI: principal, interest, taxes, and insurance, the four parts of a typical monthly mortgage payment.
- Escrow: an account your servicer uses to collect and pay your property taxes and insurance.
- PMI: insurance required on most conventional loans with less than 20% down. It can be removed once you reach enough equity.
- Amortization: the schedule that splits each payment between interest and principal over the life of the loan.