What Does Your Monthly Payment Consist Of?
Apart from the purchase price of a home, there are other costs that must be factored into your monthly mortgage payment, including loan term, interest rate, homeowners insurance and property taxes.
This monthly payment calculator can help you figure out monthly loan payment options and is a tool you can use to assist with budgeting, whether you're buying a home or considering a refinance. When you're ready to purchase a home, connect with an independent mortgage broker to help you get started with your first time home loan.
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The final purchase price of the home as determined by an agreement between the buyer and the seller.
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The number of years you have to pay back the home loan, which is typically 15, 20 or 30 years.
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The rate of interest charged on a mortgage, which can be fixed or variable.
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Financial protection against losses and damages to the home.
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Tax paid on an owned property that is based on the value of the home, including land.