Standard Mortgage Blog

There are a number of different components to your monthly mortgage payment. Typically, the two big ones are principal and interest. If you escrow, you may also have a portion of your payment going towards taxes and insurance. Depending on your type of loan and down payment, you may or may not be required to escrow for your taxes and insurance. Since your mortgage investor has a lien on your..

An amortization schedule is a table that lists each monthly payment that you’ll make on your mortgage, and how much each payment will be allocated to your lender’s interest and toward your principal balance. With a fixed-rate mortgage, you have peace of mind knowing that your principal and interest portions of your monthly payment will remain the same across the life of the loan. However, the..

Depending on the size of your down payment or the amount of equity in your home, you may have to pay for mortgage insurance. This additional cost will increase your monthly payment. Let’s take a closer look at what private mortgage insurance, or PMI, is, how long you’ll have to pay for it, how it’s calculated, and how it can be avoided.