This is the amount of money that you are able to pay upfront toward the price of your new home.
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This is the amount of yearly interest that you will be charged on your mortgage.
This is the amount of time it will take to pay off your mortgage. Most programs offer 30 year mortgages since that allows you to afford a more expensive house, though shorter mortgage terms can be less expensive in the long run.
Include Taxes and Insurance
Include taxes, Homeowner's Insurance, and other costs in the purchase calculation.
This is the amount of state and local property taxes that you will be paying on your new home. Property taxes are typically expressed as a percentage of the home's assessed value.
Homeowner's insurance, also called Hazard Insurance, protects your home against events such as fires, storms, and flooding. You are normally required to carry Homeowner's insurance as a condition for receiving a loan.
/year
If the neighborhood you are buying your house in has a Homeowner's Association, you may be required to pay dues.
/month
Include Mortgage Insurance
This setting includes private mortgage insurance in the purchase calculation. Private mortgage insurance is required for many loans if the down payment is too low and protects your lender from the possibility the loan is not repaid. It has no benefit to you, but will cost money and reduce the value of the house that you can afford.