Mortgage payment explained

Your monthly Mortgage (Home Loan) payment is a combination of 4 payments (whether you are a foreign national , American citizen or resident)

Principal and interest - It is the base of the mortgage payment. Real Estate taxes - The amount depends on the area and the price of the purchased property. Home Owner Association - From 50$ for a house , up to 2000$ for high-rise condominium. Hazard Insurance - Insurance will vary regarding the price of the property.

Hypothesis: Down Payment :

25% Loan Amount : $187500 Rate 30 years : 8.5% Closing Cost About : $8500

Principal and Interest: $1441 Home Owner Association : $350 Hazard Insurance : $120 Real estate taxes: $250

your monthly payment will be : $1441+ $350+ $250+ $120 = $2161/Month

You can make one Mortgage payment that includes insurance, real estate taxes, Home owner association. Or decide to pay the Principal and Interest + the Home Owner Association every month, and pay Insurance and Real Estate taxes once a year.

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