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Buying a home can be a complex process. By using our mortgage loan calculator it’s easy to determine what your monthly mortgage payment would be for your new home, including taxes, insurance and PMI. Here’s the info you’ll need to enter into the mortgage calculator:
Enter the estimated purchase price of the home you’re looking to buy. Adjust the price higher or lower if you think you can get the home for more or less money.
The typical down payment is 20% of the total purchase price, but you might be able to make smaller down payment. Still most home loans or mortgages require down payments of 3% or more. Keep in mind the the higher the down payment will lower your monthly payment.
The loan term represents the number of years you will have to pay off you loan. The loan term you choose will directly impact the monthly payment. You can choose between 10, 15, 20 and 30 year terms.
The interest rate represents the amount of interest you’ll pay to borrow the money for your new home. It’s worth noting that your credit score is an important factor in determining the interest rate you qualify for.
One thing home buyers should prepare for is insurance cost. Commonly known as hazard insurance, most lenders require insurance to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more.
Typically, owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance.