Salt Lake City, Utah Homes & Condos:
What’s included in your mortgage payment?

Your monthly mortgage payment will consist of the following:

• Principle & Interest (the loan payment)
• Private Mortgage Insurance (Insures bank if less then 20% down)
• Real Estate Property taxes Home Owners Insurance

Once you have more than 20% equity in your Salt Lake City home, you can usually petition the lender to remove the private mortgage insurance. Most loans require 20% or slightly more equity plus 2 years before they will allow this.

Once you have 20% equity you can also usually choose to pay your real estate property taxes and home owners insurance out of your own pocket as they become due. If you choose to pay them yourself, make sure you budget for it.  Not paying your property taxes and home owners insurance can have serious consequences.  Many people just continue to have these items paid from their escrow account by the bank.  That way you budget a little bit for it every month in your mortgage payment.