![]() Will your monthly principal payment ever change?Įven though you'll be paying down your principal over the years, your monthly payments shouldn't change. But you'll likely pay your HOA fees separately from the rest of your home expenses. If you live in a neighborhood with a homeowner's association, you'll also pay monthly or annual dues. You may choose to pay for each expense separately, or roll these costs into your monthly mortgage payment so you only have to worry about one payment every month. Other types of mortgages usually come with their own types of mortgage insurance and sets of rules. Keep in mind, PMI only applies to conventional mortgages, or what you probably think of as a regular mortgage. PMI can cost between 0.2% and 2% of your loan principal per year. Many lenders require PMI if your down payment is less than 20% of the home value. Mortgage insurance: Private mortgage insurance (PMI) is a type of insurance that protects your lender should you stop making payments. ![]() The average annual premium 2020 was $1,311, according to the most recent data from the Insurance Information Institute.
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