What goes into your monthly home mortgage payment?
It’s more than just the principal and interest.
There are a lot of factors that go into it, including property taxes, homeowners insurance, utilities (gas & electric), and homeowner association fees.
In this blog post we’ll explore 10 different things that factor into your monthly mortgage payment.
It’s also called the “debt service.”
Principal refers to how much you owe, and what goes into principal are both home mortgages (current & future) .
As well as any other outstanding debts or loans that you have, such as auto loans, student loans or credit card payments.
Interest rates on some types of debt can be variable depending on various factors like current market conditions.
However for a fixed rate loan–such as a long-term 30 year mortgage–interest rates generally stay consistent over time.
For example increased unemployment .