Mortgage Calculator Info – Medical

Mortgage Calculator Info – Medical2017-12-13T19:33:20+00:00
Start Date2017-12-13T19:35:57+00:00

Input the date you want to close and own the property.

Property Insurance2017-12-13T19:35:57+00:00

Property insurance provides protection against most risk to property, such as fire and theft.  This field will vary according to what insurance coverages you select for your home and other property. One half percent of the purchase price (.5%) is a reasonable selection for this field.

PMI2017-12-13T19:35:57+00:00

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 lower with a great credit score).  For an FHA loan, use 1.35.  For a VA loan, use 0.

Property Tax2017-12-13T19:35:58+00:00

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 3%.

Interest Rate2017-12-13T19:35:58+00:00

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.

Term2017-12-13T19:35:58+00:00

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.

Down Payment2017-12-13T19:35:58+00:00

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.

Purchase Price2017-12-13T19:35:58+00:00

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.

More questions? Something not clear? Contact us! We would be happy to help.