Anatomy of a Mortgage Payment (video)
CategoriesCredit & Economics / Financial Education / First Time Home Buyer / Realtor / Video
This video breaks down what impacts your monthly mortgage payment and what is included in the payment.
Primary factors that affect your mortgage payment:
- Size of loan amount
- Term for repayment (e.g. 30 Years)
What is included in your monthly mortgage payment?
- Principal Balance
- Interest Accrued
- Annual Property Taxes (assuming you want to make small payments each month to be held in escrow for paying your anticipated amount of property taxes due at the end of the year)
- Insurance (Property and potentially Private Mortgage Insurance PMI)
Other Financial Education Resources from GMFS Mortgage