Your full monthly payment,
not just principal + interest.

A monthly mortgage payment isn't just the loan number lenders quote. The lender quote is principal + interest, the amount that pays down your loan + the cost of borrowing. The rest of what hits your bank account every month is the "escrowed" portion that pays property tax, insurance, and (if applicable) PMI.

Principal & interest is calculated by the standard amortization formula: payment is fixed for the loan's life, but in early years most of each payment goes to interest; in late years most goes to principal.

Property tax is set by your county + sometimes city. Florida averages around 0.9-1.2% of home value annually; some Texas counties hit 2-3%. Most lenders escrow it (collect 1/12 monthly so it's paid as a lump twice a year).

Homeowners insurance protects you + the lender against damage to the property. Required by every lender. Coastal Florida is roughly 2-4x the national average; high- wildfire-risk California has been hit similarly. Always quote your specific property before assuming an average, the variance is wider than most buyers expect.

PMI applies when you put down less than 20%. It's insurance the lender requires to protect against your default. Generally 0.5-1.5% of the loan amount annually. Once you hit 20% equity (either by paying down or by the home appreciating), you can request PMI removal.

HOA fees apply if you're in an HOA, condo, or co-op. Range: $30/mo to $2,000+/mo depending on building amenities. Always include, they're a real monthly cost.