What is included in a mortgage payment? There are four core components of a mortgage payment: the principal, interest, taxes, and insurance, collectively referred to as “PITI.” There can be other costs included in the payment, as well. Principal – The specific amount of money you borrow...
There are tools, likeBankrate’s Home Equity Calculator, that can give you a more precise idea of your current equity level and its dollar value. You might want to use them in conjunction with a professional’s home appraisal. Understanding how much home equity you have can give you a roug...