Your monthly payment is what you will pay each month for your mortgage. It usually includes principal and interest, and can include other items such as property tax, hazard insurance, mortgage insurance and HOA dues. When choosing a loan program it is important to consider the monthly payment in addition to the interest rate.
Direct Mortgage’s Loan Choices™ technology allows you to easily compare monthly loan payments based on both PI (principal and interest) and PITI (principal, interest, taxes, and insurance). If mortgage insurance (MI) is needed, the correct amount will automatically be calculated and included in the PITI column. This makes it simple to compare an MI loan product to a NON MI loan product.
Payment details besides principle, interest and MI are not automatically included in the calculation, but there is a link that allows you to add the additional payment details. When you save these additions, the listed PITI monthly payment for all the presented loan choices will include the new information.
Being able to compare true monthly payments that include principal, interest, taxes, and insurance is a key advantage of using Direct Mortgage.
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