Your lender will work with you to determine the sum of mortgage payments, and how often you will pay them. It is important to do your due diligence when you select your mortgage program and/or lending company. With different sources come different interest rates, which is the cost of borrowing money in the first place. , Other factors that determine your mortgage payment amount are whether or not your interest rate is fixed, and also the term of the loan. Your lender will help you understand and determine what type of payment schedule makes the most sense for you.