Want to figure out how much your monthly mortgage payment will be? For the mathematically inclined, here's a formula to help you calculate mortgage payments manually: Equation for mortgage payments Mortgage insurance: If your down payment is less than 20 percent of the home's purchase price, you'll probably be on the hook for mortgage insurance, which also is added to your monthly payment.As with property taxes, you pay one-twelfth of your annual insurance premium each month, and your lender or servicer pays the premium when it's due. If you live in a flood zone, you'll have an additional policy, and if you're in Hurricane Alley or earthquake country, you might have a third insurance policy. Homeowners insurance: Your insurance policy can cover damage and financial losses from fire, storms, theft, a tree falling on your home and other hazards.If you have an escrow account, you pay about one-twelfth of your annual tax bill with each monthly mortgage payment. Property taxes: Local authorities assess an annual tax on your property.Interest rates are expressed as an annual percentage.
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