Be prepared for the costs of homeownership.
Your monthly payment includes repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments are amortized so that your monthly payment remains the same during the repayment period, but the percentage of the payment that goes toward principal will increase as the outstanding mortgage balance decreases. Mortgage payments can also include prepayments of property taxes, homeowner's insurance and monthly homeowner's association dues into an escrow account, managed by your lender. When those items are due, your lender will make the payment to the tax authority, insurance company or homeowner's association. Dig into all of the details using this calculator.
The calculators found on this page are for information purposes only. While the results of the calculators may be generally accurate, the results do not reflect any specific Credit Union accounts, loans or other products or services and may not exactly match the calculation methods used by the Credit Union (or any third party) for accounts, loans or other products or services. These calculators should be used only for general informational purposes and should not be relied on for any specific transaction.