Mortgage Calculator Definition of Terms
Gross Annual Income
Contains the total amount of earnings without any deductions such as taxes.
Includes car loan, student loan furniture loan, boat loan, credit card payment, child support, alimony, court judgements, and etc.
Actual Interest Rate
The percentage of an amount of money which is paid for its use for a specified time. For example, 5.25 quotes by lender
The number of years to amortized the mortgage loan. For example, 20, 25, or 30 years are common
Annual Property Taxes
A tax levied by the local municipality or county on real and personal property.
Annual Home Insurance
The total amount paid for homeowners insurance.