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48 Meriden Rd, Suite 1, Middlefield, CT 06455
844.788.7237
info@northeast-mortgage.com

What’s included in a monthly mortgage payment?

As you figure out your home budget, it’s key to consider all the factors that will make up your mortgage payment. Here we share four important elements, known as PITI, which affect the amount you will pay each month:

P

Principal
Amount borrowed
to buy your home

Payment goes toward


Your House

I

Interest
Percentage of principal
based on interest rate

Payment goes toward

Lender

T

Taxes

Payment goes toward

Escrow Account

A lender-managed account that pays recurring costs from the money held here

Local Gov’t

I

Insurance

Payment goes toward

Escrow Account

A lender-managed account that pays recurring costs from the money held here

Insurance Co.

Contact us today to explore your financing options and advance toward your dream home!

(844) 788-7237
NMLS#117273