Principal & Interest (P&I)
P&I is the base mortgage payment computed from the loan amount, term, and rate. It excludes taxes and insurance.
Property taxes
Often 0.5โ2% of home value per year depending on locality. Divide yearly tax by 12 to estimate monthly impact.
Homeownerโs insurance
Annual premium divided by 12. Rates vary by location and coverage.
PMI
Private Mortgage Insurance applies when down payment < 20%. It can often be removed around 20% equity.