What Will My Mortgage Cost Me in Total?

Your home loan is a sum of different parts. The exact personal cost to you will vary, depending on your interest rate, the borrowed amount, the mortgage type and other fees, but most loans have the same basic components. Before you sign any final loan paperwork, ask the loan officer for a breakdown of your payment so you understand all the expenses associated with the mortgage. You'll lose your home in foreclosure if you can't afford to cover the total cost.

The principal amount of your mortgage loan makes up the largest total cost. Your principal is the amount you're actually borrowing, before fees, interest and other charges and minus your downpayment. Your principal will decrease over time but with much of your loan payment going toward interest, it usually doesn't go down much in the beginning.

The interest on your loan is the percentage the lender is charging you in return for borrowing the money. Your interest rate is influenced by various factors, including your credit score and history, and whether you have origination or discount points. Each point represents 1 percent of your interest rate. The lender adds origination points to your interest rate to cover loan costs you didn't pay out of pocket, such as application fees. But if you pay for discount points, the lender deducts those points from your interest rate.

Depending on your loan type and lender, you may have other fees rolled into or associated with your mortgage. For example, you may have to pay for private mortgage insurance if you made a loan downpayment of less than 20 percent of the sale price or home's value. PMI protects your lender in case you default on your loan and often is between 0.3 percent and 1.15 percent of your principal.

Your escrow is separate from your loan but your total monthly payment may include money for the account. The escrow account holds money earmarked for house expenses, such as property taxes and homeowners insurance. Your escrow account manager, usually your lender, pays these items out of the account's funds. A lender might require an escrow as a condition for final loan approval because it helps protect the lender's investment.

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