Our mortgage simulator will allow you to have a good idea of how every part of the equation affects your monthly payments, and the total paid by the end of your loan.
If you don't fully understand how to use the calculator above, below is explained every variable you'll need to account for
The value of the home you're going to purchase is the first thing you'll want to look at when you buy a home.
The Down Payment is how much of the Home's Value you're going to pay upfront. Your Loan is gonna be directly proportional to the remainder of the Home's value after the Down Payment.
Generally, if you put less money down on a home at closing, you’ll pay more in fees and interest over the loan’s lifetime (and vice versa).
After you subtract the Down Payment from the Home Value, you're left with the amount you'll have to Loan to finish paying the house.
The interest rate on your mortgage determines what you’ll pay to borrow money from a lender, expressed as a percentage.
A loan term is the length of time it will take for a loan to be completely paid off when the borrower is making regular payments. The time it takes to eliminate the debt is a loan’s term. Loans can be short-term or long-term.
Your property tax can make up a large portion of your monthly bills, depending on where you live. Knowing what they are and how they work is essential, so you choose the right neighborhood to live in. It’s important to be able to afford the taxes, but it’s also important that they cover the amenities you want out of your neighborhood.
The term homeowners association (HOA) fee refers to an amount of money that must be paid by certain types of residential property owners every month to their homeowners associations (HOAs).
Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan.
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