For most homeowners, your mortgage payment is by far your biggest monthly expense. So we think it’s completely justifiable to spend 60 seconds reviewing it. In fact, don’t be surprised if this brief exercise does wonders for your budget. Let’s take a look under the hood and see whether we can find you some savings.

0:60 Find out whether you’re overpaying your mortgage lender
If the amount you borrowed was more than 80% of the appraised value of your home, you’re probably paying PMI, or private mortgage insurance. PMI payments are not trivial. Depending on the size of your down payment and how much your house costs, PMI can effectively increase your interest rate by as much as 1% — potentially adding hundreds of dollars to your monthly payment.

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