The amount of the down payment the size of the mortgage loan, the interest rate the length of the repayment term and payment schedule will all affect the size of your mortgage payment. Here are the aspects of your home purchase that affect the amount you pay every month:
- Down payment
– Loan size
– Interest rate – fixed or adjustable
– Repayment term – how long
– Payment schedule – how often
It is important to keep these factors in mind when looking to purchase a new home, or even when you are looking to refinance your existing mortgage.