In most cases, there are four components to a monthly mortgage payment, known as
PITI:
-Principal
-Interest
-Taxes
-Insurance
The principal and interest portion of your mortgage payment goes toward paying down your original loan amount and the interest it accrues. The taxes and insurance portion is dedicated to your annual property tax bill and homeowners insurance premium. A mortgage calculator can estimate what your payments might look like with all four elements included. If you put down less than 20% toward your home purchase, you’ll also be responsible for mortgage insurance, which is added to your mortgage payments. Lastly, budget for homeowners association fees if you live in a community with an HOA.
Call us at 843-584-TEAM and go over to FindHomesInCharleston.com to search homes.
#buyertips #homebuyers #house #home #hometips #housing #realtor #realestate #realestateagent #picoftheday #photooftheday #instagood #principal #interest #taxes #insurance
Leave a Reply