Mortgage Calculator Settings

    Set the calculator variables based on your home purchase information. The variables are as follows:

  • Home Value: The selling price of the home
  • Down Payment: The amount the buyer has saved & is willing to invest in the property upfront. The average down payment is around 10%, though the benchmark is 20% to relax PMI requirements.
  • Loan Amount: Typically the home value less the down payment
  • Interest Rate: The annual percentage rate (APR) charged on the loan
  • Loan Term: The amortization period of the loan in years – typically 30 for most US residential loans
  • Property Tax: Annual property tax payment
  • PMI: Property Mortgage Insurance as a percent (typically between 0.5% and 1.3%). Usually not needed if the down payment is 20% or more.
  • Home Insurance: Annual cost of a homeowners insurance policy
  • Monthly HOA: Monthly dues for being part of a homeowners association.

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