What are you paying when you make your montly mortage payment. Information for first time home buyers in the South Bay. Find current South Bay homes for sale, Realtors®, and current home values in Southern California's South Bay. Find real estate listings with our free home search and South Bay MLS access, open houses, real estate agents, and our South Bay Brokers listings. Our free real estate services feature all South Bay cities and neighborhoods including Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Hollywood Riviera, Hawthorne, Hollyglen, and Palos Verdes.  
 
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What Goes Into Your Monthly Mortgage Payment
Information for First-Time Home Buyers


When you're thinking of buying a home, you may wonder what your mortgage payment will look like. When you have a mortgage, you'll have several different portions of your payment each month.

Your mortgage payment consists of principal, interest, taxes and insurance (often abbreviated as "PITI"), and sometimes additional fees, such as homeowners association dues.

Principal is the money you borrowed to purchase the home.

Interest is the cost of borrowing money.

Taxes are paid by homeowners to local governments, and are usually a percentage of the assessed property value.

Insurance helps protect against financial loss from fire, natural disasters or other hazards. Most lenders require you to have a homeowner's insurance policy on your home because it will help protect their investment as well as yours.

View PITI Calculator

Remember, many loan quotes will only include your principal and interest. You'll also need to factor in the taxes and insurance to calculate your total monthly mortgage payment. For a rough estimate of your monthly payment try our PITI Calculator

When you're ready to take the next step to buying your home, please give email me, or give me a call. I'll be happy to explain the process further and help you narrow your home search.

 

 
 
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