FAQs

PMI is private mortgage insurance. This insurance policy protects the lender in case the borrower defaults. This will vary, depending upon the type of loan and the down payment amount. For a 20% down payment or greater, this field will be 0. For an Insured Conventional loan, this field should be 1 (this may be

This is tax that is assessed by the state to anyone who owns property. In Indiana, property tax will usually be around 1% of the purchase price for owner-occupied homes. Most users will select 1% here. Property tax for a second or investment home is usually around 2%; property tax for commercial property is usually around

This the price you pay in order to borrow money. Interest rates vary from day to day, so check regularly so that there are no surprises later. Select the rate based on the loan program you plan to use. To check current mortgage interest rates, click here.

This is the length of your loan -- how long it would take to pay off the loan completely if regular payments are made. The most common loan term is 30 years. However, 10, 15 and 20 year programs are also available.

The down payment is the amount of cash that you have available to use as a down payment for a home. The minimum for this field is 3.5% of the purchase price, while the maximum is as much as you wish to put into your new home.

This is the price of the home you are thinking about purchasing. This calculator has a default of $250,000, but you can adjust this to any price you wish.