With mortgage rates at historic lows, the changing rates can impact your monthly mortgage payment. Check out the 2 common mortgage scenarios based on the duration of the loan.
Sample Mortgage Scenarios
Putting less than 20% down? A down payment under 20% often required an additional payment for Private Mortgage Insurance (PMI). This fee (.55% to 2.25% of your total loan) lenders tack onto the conventional loans to protect themselves from default, and it can be divided up and added to your monthly payment.