To understand how much you will have to pay regularly as a monthly mortgage payment, you need to determine the following parameters of your mortgage:
- The amount of money you borrow.
- The monthly interest rate. (Most rates are presented as annual fees, so you need to divide it by 12 to get your monthly percentage).
- The payment period or the number of month you will have to cover the loan.
If your budget doesn’t allow making higher regular payments, you can get the minimum rate on your mortgage. Still, consider that eventually you will pay more money, because interest compounds. The repayment period is longer and you will have to pay interests on interest. So, keep in mind the repayment period matters and makes a great difference.
To get the numbers you don’t need to know math: Check mortgage affordability calculator online.