Find Your True Housing Budget Before You Apply

Planning to buy or refinance a home? Understanding how your monthly mortgage payment is calculated helps you make confident financial decisions.

• Principal & Interest: The core payment that goes directly toward paying off your home loan balance and lender interest.

• Property Taxes: Local real estate taxes collected by your city or county, usually divided into 12 monthly payments.

• Homeowners Insurance: Required coverage that protects your property against hazards, damages, and unexpected loss.

• PMI & HOA Fees: Private Mortgage Insurance (if down payment is under 20%) and Homeowners Association dues for community upkeep.