How much will my mortgage payments be?
Home Loan Amount
Home Loan Term in Years
Yearly property tax
Yearly Property Tax
Yearly property insurance
Yearly Property Insurance
Appraisal value is the market value of an asset that is derived from the appraisal process. Depending on the asset, the method used to appraise the asset will differ. For homes, appraisers often use a method that includes recent sales data of comparable homes. They may also use the replacement method, which is the cost to replace the home at today's prices.
The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of money.
An acronym for the principal and interest that you pay on a mortgage loan.
An acronym for loan principal, interest, property taxes and homeowner's insurance.
The period of a loan, generally measured in years. Auto loans generally range from 2 to 5 years. Mortgage loans: 15 to 30 years.
Protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property. Normally required by lenders.
Private mortgage insurance (PMI):
An insurance policy that protects lenders against loss if a borrower defaults. Typically required if the loan-to-value (LTV) ratio of the home exceeds 80%.
A tax assessed on real estate by the local government, usually based on the value of the property (including the land) you own.
The cash you deposit towards the purchase of home, car, etc. The larger the down payment, the less you are required to borrow.
Property Taxes and Homeowner's Insurance:
A typical monthly mortgage payment consists of amounts for loan principal, interest, property taxes, and homeowner's insurance.