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Why are all these things in my quote?

Principal&interest    $1,517
Property taxes (estimated)    $147
Homeowners insurance (estimated)    $52
Mortgage insurance (estimated)    $128

I will pay property tax and homeowners insurance on my own.
If they are baked into my mortgage, don't I pay interests on that?

And how does it work anyway? Will my lender make payments to my homeowners insurance company and also to my country (for property tax)?
  • January 23 2009 - Gilbert
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Answers (2)

No, you are not paying interest on the payments outside you P&I. Your property taxes, Homeowner's, and Mortgage insurance are just in addition to your P&I payment. Like Andre said, if you don't use escrow it might cost you more to do the loan. The lender you choose can explain this to you in regards to you particular situation.
  • January 23 2009
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zillow automatically populates those amounts.

Talk with the lender you choose to work with.  There could be additional fees to pay those on your own.

  • January 23 2009
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