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Five easy steps to understanding your mortgage payment breakdown
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[QUOTE="Holicent, post: 272113, member: 76163"] It's important to understand the different parts of your mortgage payment. Understanding how much of each part is going to be paid by you will help you budget for the future and make sure that you're not overpaying for things like property taxes or insurance. 1. Find out what's covered in your loan The first step is understanding what's actually included in your loan payment. This can vary from lender to lender, but here are some common components: Cash-out refinance: The amount paid out as a cash-out refinance is typically 10% to 20% of the total loan amount. This may be paid annually or semi-annually, depending on the terms of your new loan agreement. Property taxes and insurance: These are typically included in your monthly mortgage payment as an itemized deduction. If you have other payments that are already deductible, such as utilities and maintenance fees, they might also be tax-deductible under special circumstances. Mortgage interest: This is usually split between principal and interest payments on your mortgage balance each month (though it can be split between principal and interest if you're making extra payments). [/QUOTE]
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Five easy steps to understanding your mortgage payment breakdown
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