Mortgage Calculator

PMI

By |2017-12-13T19:35:57+00:00November 13th, 2017||

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

Property Tax

By |2017-12-13T19:35:58+00:00November 13th, 2017||

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

Term

By |2017-12-13T19:35:58+00:00November 13th, 2017||

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.