The parts of your monthly mortgage payment include the repayment of the loan principal and the monthly interest on the outstanding balance. A mortgage payment can also include pre-payments for property taxes, homeowner’s insurance, and monthly homeowner’s association dues, which are placed into an escrow account managed by your lender.
To estimate your costs, use a payment calculator. This tool can help you calculate mortgage payments and understand how they fit into your finances. Calculate your estimated yearly costs below and monthly payment to help you decide how much you can afford.