Combined Annual Income
The annual gross income of all borrowers before taxes.
Down Payment
The amount of the down payment that will be paid to the seller or the difference between the loan amount and the purchase price.
Loan Amount
For a purchase transaction, this is the Purchase Price minus the Down Payment. For a refinance, this is the amount of the loan requested the borrower is seeking.
Annual Interest Rate
The interest rate the bank or mortgage company charges for the loan.
Monthly Auto Payment
Total monthly payment for your car loan or car loans.
Monthly Credit Card Payments
Total monthly minimum payments for your credit cards.
Other Monthly Obligations
Any other installment or revolving loan payments, such as student loans or unsecured loans.
Estimated Annual Property Taxes
The yearly total property taxes for the existing home or the property to be purchased.
Estimated Annual Homeowners Insurance
The homeowner’s insurance premium for the existing for refinance cost comparisons or the amount on a proposed purchase.
Current Refinance Interest Rate
The current rate on the mortgage loan that is being refinanced.
Term of the Loan
The number of years for the repayment of the mortgage loan.
Number of Years
The number of years that the proposed mortgage will last.
Purchase Price of Home
The total price to be paid for the house.
Number of Months
The number of months that the proposed mortgage will last.
Number of Months Remaining
The number of months remaining on the term of an existing mortgage, used to calculate the costs and savings comparison with a mortgage refinance calculator.
Loan Origination Fee
The dollar amount that the lending institution charges for its origination fee. A 1% origination fee for a $100,000 home equals $1,000.
Desired Amortization Schedule
The display length in number of months or years for the proposed mortgage.
Interest Only Term
The number of months or years in which there is an option to make interest only payments at which time the loan is recalculated to a fully amortizing payment used for comparisons and cost analysis on interest only mortgage calculators.
Monthly PMI payment
Monthly cost of Principal Mortgage Insurance (PMI). For home loans secured with less than 20% down, PMI is generally required and can be estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. The amount you may be required to pay may be higher or lower than our estimate.
Discount Points
The dollar amount that the lending institution charges to obtain a particular interest rate. 1 discount pointequals 1% of the loan amount. Discount points are generally paid to lower the interest rate on a loan.
Lender Fees
Total fees charged by the mortgage company to close the loan. This is the total of the fees such as processing fees and underwriting fees designed to cover the costs incurred by the mortgage company.
Origination Fee
Same as Loan Origination Fee.
Credit Report Fee
The fee charged by the mortgage company for obtaining the borrowers credit report.
Appraisal Fee
The fee charged by the mortgage company for obtaining the appraisal on the property being purchased or refinanced.
Title Fee
The fee charged by the mortgage company for the title search and related title expenses on the property.
Recording Fee
The fee charged by the mortgage company for recording the new mortgage on the property or releasing the existing home loan if it is being paid off with a new refinance.
Wire and Courier Fee
The fee charged by the mortgage company for the electronic transmission of funds at closing or the overnight delivery of disbursement checks.
Endorsement Fee
The fee charged by the mortgage company for the endorsements on the title insurance for items such as adjustable rate mortgage endorsements, multiple unit riders and related endorsements.
Title Closing Fee
The fee charged by the mortgage company or title company for the closing or settlement services performed at that time the final documents are signed.
Title Document Preparation Fee
The fee charged by the mortgage company or title company for the preparation of the final documents to be signed at the settlement or loan closing.
Other Fees
Any other fees charged by the bank or mortgage company regarding the loan processing and closing.
Sale Price of Property
The price of the home the user would like to buy.
Absolute Maximum Rate Over Term of Loan
The lifetime cap that limits the interest rate increase over the life of the loan.
Absolute Minimum Rate Over the Term of the Loan
The minimum or floor interest rate that the adjustable rate mortgage can not drop below.
Number of Months Between Rate Adjustments
The number of months or time period between rate adjustments on an adjustable rate mortgage.
Number of Months Before First Rate Adjustments
The number of months until the first rate adjustment on an adjustable rate mortgage or that time in which the start rater will end.
Assumed Rate Adjustment
An estimate used in an adjustable mortgage rate calculator to calculate possible outcomes should interest rates change in the future.
Current Index Rate
The current rate on the index that an adjustable rate mortgage is based.
Marginal Tax Rate
The borrower’s current marginal tax rate used for mortgage comparison calculators to calculate after tax savings.
Years to Compare Total Costs
The time frame, in years, to compare the cost difference between two or more loan products.
Lenders Margin Added to Index Rate
Adjustable rate mortgages have an interest established by an index plus a margin, this number is the margin that is added to the index.
Initial Annual Interest Rate
The start rate on an adjustable rate mortgage, this may not be the fully index rate or the index plus the margin.
Desired Table Display
Displays the payment schedule by month or by year.
Monthly Rent Payment
For a rent versus own mortgage calculator, this is the monthly rent used for the comparison.
Annual Appreciation Rate
The assumed expected appreciation on a home purchased, can be based on recent historical averages.
Assumed Annual Inflation Rate
The assumed expected rate of inflation to make proper cost comparisons for a future time period.
Funds Available for a Down Payment
Liquid assets available for the down payment on a new home purchase used for mortgage affordability calculators.
Submit
When you press the submit button, the calculator will calculate the monthly mortgage payment for your loan, as well as an amortization schedule or other comparison schedule dependent on the mortgage calculator selected.
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