This calculation is based on principle and interest only. A true mortgage payment contains principal, interest, taxes and insurance (PITI.)
If you do not have 20% Loan to Value (LTV) invested in the home, you will be required by a mortgage company to carry PMI (Private Mortgage
Insurance). Also, some neighborhoods are involved in a Homeowners Association (HOA). If that is the case, you will need to add HOA dues to your
monthly payment as well. I know this can be very overwhelming! Please contact me if you have any questions!