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 toward 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 than 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 check box: 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.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
