This would be your monthly mortgage payment for a $400,000 home

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. MoneyWatch: Managing Your Money By Ben Geier Edited By Matt Richardson, Angelica Leicht January 9, 2024 / 11:54 AM EST / CBS News Whenever you make a big purchase, it's important to consider how it will impact your overall budget. This is especially true when you are buying something such as a car or a home – not only do you need to make sure you can afford a down payment, you need to have a plan for how you'll make the monthly payments to pay back what you borrowed.With most mortgages, you can figure out exactly how much you'll owe each month before you even take out the loan, along with how much interest you'll pay over the life of the loan. To figure out this information you'll need four figures: the cost of the home, the term of your mortgage, your interest rate and how much you are using for your down payment. To show how this works, let's look at how muc...