Besides a mortgage payment, what other costs should be factored into my monthly payment?
Q: Besides a mortgage payment, what other costs should be factored into my monthly payment? Annual property taxes, homeowner’s insurance, HOA fees, anything else?
A: This is typically called your monthly PITI:
Principal – The monthly portion of your mortgage payment
Interest – The monthly interest on your loan
Taxes – Your monthly property taxes (this can be escrowed monthly or paid twice a year, up to you)
Insurance – Your monthly property insurance (this can be escrowed monthly or paid yearly)
Above only relates to mortgage payment, your HOA fees are external to mortgage, just like your utility bills. Hope that helps!
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