Example
Your payment may include principal, interest, property-tax escrow, insurance escrow and mortgage insurance if applicable.
Why Payment Can Change
Even with a fixed-rate mortgage, the total monthly payment can change if property taxes change, the insurance premium changes, or an escrow analysis finds a shortage or surplus.
Your principal-and-interest payment may remain fixed while the total payment changes.
Escrow Shortage
If actual expenses exceed what was collected, the servicer may collect additional money according to applicable rules.
Las Vegas Buyers
Do not evaluate affordability using only principal and interest.
Taxes, insurance and HOA can materially change the true monthly housing cost.
Use the true monthly payment calculator to see the full picture.
