Your monthly mortgage payment is a combination of paying back the money you’ve borrowed for your purchase (principal) and the interest owed on the money you’ve borrowed. The payment also has other fee's added to it so you need to find out the full amount. It can include taxes and Insurance. all in.
Long story short, interest is what you pay your lender to borrow money for your home. Isn’t that interest-ing?
How long do you intend to own the home is a great question to answer to see if you are getting the best program for you long term goals.
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