Calculate Your Monthly Mortgage Payment
Your monthly payment is typically made up of four parts:
- Principal — The amount of money borrowed for a loan.
- Interest — The cost of borrowing the money.
- Taxes* — Property taxes charged by local government.
- Homeowners Insurance* — Homeowners insurance to protect against disaster.
- Mortgage Insurance — Lowers the risk to the lender so you can qualify for a loan that you might not otherwise be able to get. (Note: Not all loan programs require mortgage insurance.)
An escrow account is an easy way to manage property taxes and insurance premiums for your home. You simply make one monthly payment to the account. One part goes towards the mortgage to pay your principal balance and interest, and the other part goes into the escrow account for property taxes and insurance premiums (such as homeowners insurance, mortgage insurance, or flood insurance).
National rates are derived from mortgagecalculator.org and may not reflect advertised rates available from First Community Mortgage, its partners, or affiliates. Property taxes and insurance are estimates. Amounts will vary based on individual qualifications and property details.