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Financing Your New Property

Tools for Calculating Costs

There are many types of loan products available ranging from 0 to 30% down. Some loan packages such as veteran packages require 0% down while an investment loan might require 30% down. Should you and the home qualify for an FHA loan you might only have to put 3.5% down. If you qualify for a conventional loan you might put 5% to 20% down. Please contact a loan officer to confirm this information and to learn more about what product suits you best.

Don’t forget that if your down payment amount is less than 20% of the total purchase price, you will need to purchase mortgage insurance aka PMI. Mortgage insurance guarantees the debt against default. This will add to your monthly payment and is important to factor in. Please contact a loan officer to learn more about this cost.

Another very important topic is where your funds for the down payment will be coming from. Usually banks like to see “seasoned” funds, meaning that you have had the money in your possession for a longer period of time, usually 3-6 months. Without seasoned funds you may have to obtain additional documentation as to where the funds were sourced. Sometimes you can get gift documentation to support this if the money was given to you. Please contact a loan officer to confirm this information.

Purchase price
Please enter here the amount you expect to pay for a home.
Enter a value
Down payment
Down payment is cash that you pay upfront for your home.
0.0%
Enter a value
Term in years
Number of years you have to pay.
years
Enter a value
Interest rate (per year)
The percentage of interest that you will pay on your mortgage for a specific term.
%
Enter a value
Property tax
Enter your property tax here if you know it.
per year
Enter a value
Home insurance
Most lenders require home insurance. Enter its price here.
per year
Enter a value
PMI
PMI is Private Mortgage Insurance which is usually required to pay if your Down payment less than 20%.
per month
Enter a value

Your total monthly payment


$

Principal & Interest
$
Home insurance
$
Property taxes
$
PMI
$
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