What are the monthly expenses that would be added to my monthly mortgage?

Posted by admin
gaikhur asked:


1)I am planning to buy a new home for the first time . What expenses(payment) would be added to my home mortgage like home insurance, mortgage insurance etc?
2)How can I lower my monthly mortgage? Some of my friends told that I have to pay at least 20% down payment rather than paying those amount after one year or so to lower monthly mortgage .
Thanking in advance.

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    • This entry was posted on Sunday, December 20th, 2009 at 3:58 pm and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    No Responses to “What are the monthly expenses that would be added to my monthly mortgage?”

    1. sassy2 Says:
      December 22nd, 2009 at 11:35 am

      The lender adds Property tax and homeowner insurance premiums to your monthly bill. The larger your down payment the less you borrow the smaller your monthly payment. if you do less then 20% the PMI insurance is also added. You pay that till your equity equals 20% Impossible to find a mortgage lender with less than 20% unless it is FHA mortgage.

    2. xrayca68 Says:
      December 25th, 2009 at 3:17 pm

      In addition to mortgage insurance there is homeowner’s (fire) insurance, and property taxes.

    3. smartypants909 Says:
      December 25th, 2009 at 9:57 pm

      Property taxes, homeowners insurance, mortgage insurance, can all be drawn from the escrow account of your mortgage, or you can arrange to pay them separately. The size of your down payment, and your credit score can determine your monthly payment, your credit score helps in determining your interest rate, the lower your interest rate, the lower your monthly payment.

    4. Lauren F Says:
      December 29th, 2009 at 4:48 am

      My neighborhood we also have to the houses costs on various repairs maintenance and improvements to the houses costs.

    5. CB Says:
      December 30th, 2009 at 10:14 pm

      The car insurance proterty tax is dependant on value of it apart from principle interest component home owners insurance to get some discount on value of your house and rate can be found on your citycounty website.
      The car insurance can be found on both property tax is dependant on your citycounty website.

    6. Emmers Says:
      January 1st, 2010 at 4:50 pm

      PITI
      Principal
      Interest
      Taxes
      Insurance

    7. Todd S Says:
      January 1st, 2010 at 11:41 pm

      The loan so the adjustments to avoid private mortgage will be lessened.