A fixed-rate mortgage is very straightforward - the interest rate doesn’t change throughout the loan term. Whether you have a fixed-rate mortgage or a variable-rate mortgage, the interest you pay is based on your mortgage interest rate.
If you want to understand your loan statement breakdown, here are some of the line items homeowners might run into.
It just depends on your personal budgeting method and preferences.Ī mortgage tracker like the one built into Quicken can help you keep track of interest rates, loan amortization, and monthly mortgage payments with as much or as little detail as you’d like.
Some people like to categorize those amounts separately, but you don’t have to. When you look at your monthly mortgage statement, you’ll see that your payments are broken down into several categories - things like interest, principal, insurance, and taxes.
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