Definitions
- Purchase price
-
The price of the home you wish to
purchase. This is the total price you'll pay for this
property, including any closing costs.
- Down payment
-
The total amount you have available to
use towards the purchase of this property.
- Loan one amount
-
The total amount that will be financed
by your first mortgage. Normally, your first mortgage will
carry a lower interest rate and then a second mortgage.
- Loan two amount
-
The total amount that will be financed
by your second mortgage.
- Term
-
The number of years over which you will
repay the loan. The most common mortgage terms are 15 years
and 30 years.
- Interest only checkbox
-
Check here to indicate that this
mortgage will be an interest only mortgage. We assume that
your interest only mortgage will have a balloon payment for
the entire balance at the end of the selected term.
- Monthly payment
-
Monthly principal and interest payment
for the loan. If this is an interest only mortgage, this
amount will be an interest only payment.
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