- First payment due
- This is the date that the first payment for the home's mortgage is due. It is typically the first day of second month following the closing date. For example, if the closing date is March 15th, the first payment date would typically be May 1st.
- Estimated closing date
- The estimated date that the actual home sale will take place. This date is used to determine the prepaid interest due on the mortgage and the first payment date.
- Sale price
- Price that will be paid for the home. This is the actual price of the home before any fees or expenses.
- Down payment
- Total amount paid at the time of closing towards the sale price of the home. A minimum down payment is usually required, and can vary depending on the type of loan. This calculator does not determine any minimum down payment amount.
- Loan amount
- Total loan amount after down payment and any financed fees.
- Loan term
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Interest rate
- Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
- VA status
- This is only used if the type of home purchase is Veterans Affairs (VA) loan. The VA status is used to determine the VA funding fee.
- VA loan use
- This is only used if the type of home purchase is Veterans Affairs (VA) loan. The VA loan use is used to determine the VA funding fee.
- Finance VA funding fee
- This is only used if the type of home purchase is Veterans Affairs (VA) loan. Choosing 'Yes' will include the fee in the loan balance, which will make the monthly payment of principal and interest higher but lower the required cash at closing.
- VA funding fee
- This is only used if the type of home purchase is Veterans Affairs (VA) loan. The VA funding fee is calculated based on the VA status and loan use selected. It is a required fee to be paid to receive a VA loan.
- Annual property tax
- The annual property taxes paid for this home.
- Property taxes paid through
- Date that you have paid your property taxes through. This date is used to determine the prorated amount you will be credited at your closing.
- Annual homeowner's insurance
- The homeowner's annual insurance premium.
- Monthly association dues
- The monthly association dues, if any, for this home.
- Annual flood insurance
- Flood insurance annual premium. Only enter an amount if flood insurance is required.
- Months of escrow
- Number of months worth of insurance and property tax payments required to be deposited in an escrow account for future payments.
- Earnest deposit
- This is any deposit made with the seller as part of the original purchase agreement. Earnest money is be used to offset any closing costs, expenses and down payment requirements.
- Commitment fee
- Any additional fee paid in advance that can be used to offset closing costs and expenses.
- Points paid by seller
- Points are paid to receive a lower interest rate. Each point costs 1% of the mortgage balance. Points paid by the seller appear a credit at closing.
- Closing costs paid by seller
- Any amount of closing costs to be paid by seller. This is used to offset expenses and closing costs that are due from buyer at closing.
- Other credits
- Any other credit received at closing to offset expenses and closing costs.
- Principal and interest
- Monthly principal and interest payment due for the loan.
- Prepaid interest
- Interest for the loan paid at closing. This is typically the interest due for the partial month between the closing date and the first day of the next month.
- Mortgage insurance (PMI)
- Monthly Private Mortgage Insurance (PMI) payment due to lender.
- Points paid by buyer
- Points are paid to receive a lower interest rate. Each point costs 1% of the mortgage balance. Points paid by the buyer are an expense due at closing.
- Application fee
- Application fee for the loan required to be paid by the buyer
- Origination fee
- Origination fee required to be paid by the buyer.
- Appraisal fee
- Appraisal fee or expense required to be paid by the buyer.
- Credit report
- Credit report expenses required to be paid by the buyer.
- Lender's inspection fee
- Lender's inspection fee required to be paid by the buyer.
- Lender's attorney fee
- Lender's attorney fee required to be paid by the buyer.
- Assumption fee
- Assumption fee required to be paid by the buyer.
- Other loan costs
- Other loan costs required to be paid by the buyer.
- Abstract or title search
- Abstract or title search fees required to be paid by the buyer.
- Title insurance
- Title insurance expense required to be paid by the buyer.
- Title examination
- Title examination fees required to be paid by the buyer.
- Document preparation
- Document preparation fees required to be paid by the buyer.
- Notary fees
- Notary fees required to be paid by the buyer.
- Attorney's fees
- Attorney's fees required to be paid by the buyer.
- Other fees
- Other title fees required to be paid by the buyer.
- Recording fees
- Recording fees required to be paid by the buyer.
- City/County tax or stamps
- City/County tax or stamps required to be paid by the buyer.
- State tax or stamps
- State tax or stamps required to be paid by the buyer.
- Other government fees
- Other government fees required to be paid by the buyer.
- Survey
- Survey fee required to be paid by the buyer.
- Pest inspection
- Pest inspection fee required to be paid by the buyer.
- Flood determination fee
- Flood determination fee required to be paid by the buyer.
- Settlement or closing fee
- Settlement or closing fee required to be paid by the buyer.
- Broker fees
- Broker fees required to be paid by the buyer.
- Other
- Any additional fee required to be paid by the buyer.
