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THE COMPONENTS OF YOUR MONTHLY HOUSING PAYMENT
Your monthly housing payment consists of more than just your mortgage payment.  When you are looking at purchasing a new home, it’s important to consider everything that goes into your total payment so that you can identify homes that fit in your budget.  Although looking at a home’s price is a good starting point, two homes that are the same price can have very different monthly payment amounts.   PRINCIPAL AND INTERESTThe majority of your monthly housing payment will likely consist of principal and interest payments for your home loan.  This will vary based on the amount you put down on the purchase of the home, and the terms of the loan.  However; if you putting 20% down or less on a 30 year conventional loan, the principal and interest portion will be the bulk of your payment.  Initially, you will pay more in interest than you are paying down on principal.  Over time, you will gradually see more of this total payment going towards principal than interest.MORTGAGE INSURANCEIf you put less than 20% down on the purchase of your home you will also have some form of mortgage insurance in your total monthly housing payment.  Private Mortgage Insurance (PMI) is required for conventional loans with less than ... more

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