What does a mortgage pmt consist of?

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We just found out we got our home loan and the bank is sending us the paperwork to sign. The banker quoted me a mortgage pmt but I didn’t ask him if the pmi included tax, insurance, pmi and loan pmt or IF it is just loan and pmi, minus the tax and insurance.

Does anyone know. Thanks!

  1. Reply
    Help Is Here!
    April 29, 2011 at 11:11 pm

    If you are putting less than 20% down, you will have PMI.

    Your payment should include:

    PMI (if applicable)

    The papers you are getting should have it outlined for you, and if they don’t CALL and ask! Do NOT agree to anything you don’t understand. (that is how a lot of people got saddled with loans they can’t pay now!)

  2. Reply
    April 29, 2011 at 11:35 pm

    Before you sign anything be sure you fully understand what the mortgage payment covers. Both purchases of houses included mortgage interest, principal ,real estate taxes , sewer construction payment and insurance to cover the mortgage amount. There was even a charge for the estimated gallons of fuel oil in the tank.

  3. Reply
    April 29, 2011 at 11:53 pm

    It depends on the mortgage. Some include the taxes and insurance, some do not. On the paperwork you get, there will be a breakdown.

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