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What does “total of payments” mean when getting a mortgage?

This number tells you the total amount of money you will have paid over the life of your mortgage.

The “total of payments” is found on page 5 of the Closing Disclosure form in the “Loan Calculations” section. This total includes principal, interest, mortgage insurance (if applicable), and loan costs. It assumes that you make each monthly payment as agreed – no more and no less – until the end of the loan.

You won’t receive a Closing Disclosure if you applied for a mortgage prior to Oct. 3, 2015, or if you're applying for a reverse mortgage. For those loans, you will receive two forms – a HUD-1 Settlement Statement and a final Truth in Lending Disclosure – instead of the Closing Disclosure. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a HUD-1 or a Closing Disclosure, but you should receive a Truth-in-Lending disclosure. For the “total of payments,” you’ll want to look in the top section of your Truth in Lending disclosure.

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