Mortgage Amount = Purchase price minus Down payment.
* Note: some loan programs such as FHA, USDA and VA, may have an upfront mortgage insurance or Fudning fee added so your mortgage amount may be higher.
Mortgage Period (in Years) = How long do you want to finance your mortgage? Most common are 15 and 30 years.
Interest Rate = Interest rate for your financing. (Not the APR).
* Note: Interest rates may differ from program to program. Other factors may be your credit score, down payment, debt ratio, as well as other factors.
Monthly Mortgage Insurance = With less than a 20% down payment most mortgages will have mortgage insurance added- though there may be some exceptions to that rule.
This amount can vary from program to program. Other factors may be your credit score, down payment, debt ratio, as well as other factors.
VA has no monthly MI.
FHA 30 year has a .85% MI amount added. For example: $200,000 mortgage amount, times 0.0085. (200,000 x 0.0085 = 1,700). This is the yearly amount. So divide this number by 12. (1,700 / 12 = $141.67)
Conventional has no MI with 20% down or more. With less than 20% down MI is required. There is no simple calculation for conventional because credit score, down payment, debt ratio, as well as other factors can influence the amount.
Monthly Hazard Insurance = Home owners insurance is required but you can choose your insurance carrier. Divide the yearly amount by 12.
Monthly Real Estate Taxes = Usually are assessed by your county. Yearly amount divided by12.