Mortgage Calculator Definition of Terms
Total Mortgage Amount
It is the amount that the borrower wishes to borrow. For example, 250000.
The number of years to amortized the mortgage loan. For example, 20, 25, or 30 years are common
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
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.