Mortgage Terms

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The mortgage industry has many unique and confusing terms and acronyms. We hope these descriptions help you to better understand the lending process.

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There are 2 names in this directory beginning with the letter A.
Annual Percentage Rate (APR)
This rate reflects the total cost of borrowing money, including the interest rate and other costs built into the loan amount. The interest rate and the APR are typically different, and veterans should look at both when comparing VA lenders. Two loans can have similar interest rates, but the one with a higher APR will cost more.
Automated Underwriting System (AUS)
This computer system utilized by select VA-approved lenders allows for an automatic approval on a borrower's loan application. Loan officers can tweak loan amounts in the AUS to help secure approval.

Mortgage Calculator

Purchase price
Please enter here the amount you expect to pay for a home.
Enter a value
Down payment
Down payment is cash that you pay upfront for your home.
20.0%
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Term in years
Number of years you have to pay.
years
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Interest rate (per year)
The percentage of interest that you will pay on your mortgage for a specific term.
%
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Property tax
Enter your property tax here if you know it.
per year
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Home insurance
Most lenders require home insurance. Enter its price here.
per year
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PMI
PMI is Private Mortgage Insurance which is usually required to pay if your Down payment less than 20%.
per month
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Your total monthly payment

$

Principal & Interest
$
Home insurance
$
Property taxes
$
PMI
$