When you use our mortgage calculator, you’ll see a detailed breakdown of your estimated monthly payment.

• Principal: This is the amount you’re borrowing and is paid down over the life of the loan.
• Interest: This is the cost you pay the lender for borrowing the money.
• Property Taxes: Homeowners must pay taxes based on the value of their property.
• Homeowners Insurance: Protects your home from damage and disasters.
• Private Mortgage Insurance (PMI): Required if your down payment is less than 20%.

Having this breakdown helps you make an informed decision about your mortgage and plan accordingly.