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.