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An amortization chart allows you to calculate what your monthly principle and interest payments should be.  You must remember that in addition to your monthly P & I you will also have real estate taxes, home owners insurance, and quite possibly a HOA payment. The real estate taxes and home owners insurance are annual amounts, so take the dollar amount, let's say $600.00 per year for insurance and divide it by 12 months, so your monthly insurance amount is $50.00.  Let's use real estate taxes of $1800.00 per year so divided by 12 months equals $150.00 per month for taxes.  The last amount to consider is your HOA fee.  When You add all these items up you end up with your total monthly payment.

click here to go to: Amortization Calculator

Once again, here are the terms:

  • PITI - your total monthly payment
  • P = Principle
  • I = Interest
  • T = Taxes
  • I = Insurance
  • HOA = Home Owners Association