Mortgage Calculator.

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  • 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 downpayment is around 10%, though the benchmark is 20% to relax PMI requirements.

  • Loan Amount: typically the home value less the downpayment

  • 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%, though unneeded if a 20% downpayment is used).

  • Home Insurance: annual cost of a homeowners insurance policy

  • Monthly HOA: monthly dues for being part of a homeowners association.

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