Mortgage Calculator

Set Loan Scenarios Using Dynamic Variables

    Variables are described below.

• home value: the selling/purchase price of the home
• down payment: the amount the buyer has saved & is willing to invest in the property upfront. The average down payment 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% down payment is used).
• home insurance: annual cost of a homeowners insurance policy
• monthly hoa: monthly dues for being part of a homeowners association. (Strata Fees)