Your monthly mortgage payment will consist of a combination of Principal, Interest, HOA fees, Insurance, and Property Tax. Principal and interest is the part that repays the loan. On top of it sits property tax, home insurance, any HOA or service charge, and mortgage insurance if the deposit was under 20%. This calculator adds all of them together so you get an accurate picture of your monthly expenses.
Twenty percent (20%) of the price is the mark most lenders use. Below it they add mortgage insurance, charged monthly until the balance falls to that level. Waiting until you have 20% helps ensure your money is going back to you via equity in the home rather than to pay a lender.
Interest is charged on what is still owed, and at the start that is almost the whole loan. This is often referred to as the loan being "front-loaded". On a 30 year mortgage at 6%, the first payment is roughly three quarters interest. The balance chart shows the curve: it is nearly flat for the first decade, then steepens as more of each payment reaches the principal.
Yes, and in a very big way. An extra payment goes straight against the principal, so every month after it is charged interest on a smaller balance. Enter an amount in the extra payment field and the page shows the months cut from the term and the interest saved.
It is extremely close. Your lender's figure can still differ by a few dollars, because rounding rules, arrangement fees and the day interest is charged are set in the agreement rather than by a formula.
Setup your mortgage as a debt account and track your payment history and progress.