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

Your total monthly payment


$

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