3 min
What Makes Up Your Mortgage Payment? - #90SecondShow Podcast Edition - #RealEstateWithEzio Real Estate, with Ezio.
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- Samhälle och kultur
For this week’s episode of the #90SecondShow Podcast Edition, I talk about the components that make up your monthly mortgage payment.
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1.) PRINCIPAL: Just like any other kind of loan, there’s always a principal that needs to be paid off.
2.) INTEREST: Also, just like in principal, you always have interest to pay in any kind of loan. The principal and interest, will make up the biggest parts of your mortgage.
3.) HOME-OWNER’S INSURANCE: Just like a car, anytime you finance a home, you’re required to have home-owner’s insurance. Depending on the area and the size of your home, your rate will vary.
4.) PMI aka MORTGAGE INSURANCE: Anytime you purchase a home with less than 20% towards the down payment. You will have to pay for PMI. The only way around it is by allocating 20% or more towards the down payment of your home.
5.) PROPERTY TAXES: Yay, more taxes right?
6.) HOA aka HOME OWNER ASSOCIATION: This is a case by case scenario, certain neighborhoods have HOA’s and some other ones don’t. HOA’s are meant to keep up neighborhoods and provide amenities that other areas don’t have, like pools, tennis courts, parks, etc. Each HOA brings different things, depending on amenities and location the HOA monthly payment will vary.
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That’s it for this week’s episode of the #90SecondShow, feel free to reach out with any topics you’d like for me to cover.
Instagram: @EzioAli • Email: Ezio@EGAHomes.com
For this week’s episode of the #90SecondShow Podcast Edition, I talk about the components that make up your monthly mortgage payment.
-
1.) PRINCIPAL: Just like any other kind of loan, there’s always a principal that needs to be paid off.
2.) INTEREST: Also, just like in principal, you always have interest to pay in any kind of loan. The principal and interest, will make up the biggest parts of your mortgage.
3.) HOME-OWNER’S INSURANCE: Just like a car, anytime you finance a home, you’re required to have home-owner’s insurance. Depending on the area and the size of your home, your rate will vary.
4.) PMI aka MORTGAGE INSURANCE: Anytime you purchase a home with less than 20% towards the down payment. You will have to pay for PMI. The only way around it is by allocating 20% or more towards the down payment of your home.
5.) PROPERTY TAXES: Yay, more taxes right?
6.) HOA aka HOME OWNER ASSOCIATION: This is a case by case scenario, certain neighborhoods have HOA’s and some other ones don’t. HOA’s are meant to keep up neighborhoods and provide amenities that other areas don’t have, like pools, tennis courts, parks, etc. Each HOA brings different things, depending on amenities and location the HOA monthly payment will vary.
—
That’s it for this week’s episode of the #90SecondShow, feel free to reach out with any topics you’d like for me to cover.
Instagram: @EzioAli • Email: Ezio@EGAHomes.com
3 min