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First home

Start with the sample, then see tax, insurance, PMI, and which of two offers costs less.

16 lessons. Read them in order, or open the one that matches your question.

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Start with lesson 1
  1. 1The sample home on a first visitBefore you type a price, the screen shows a labeled example of a housing mix and a seven-year offer comparison. It is not your loan.1 min
  2. 2What a mortgage payment actually includesPrincipal and interest are only the loan. The housing number also holds property tax, homeowners insurance, PMI, and HOA.1 min
  3. 3The loan payment is not the house paymentPrincipal and interest can look affordable while tax, insurance, PMI, and HOA make the month too tight.1 min
  4. 4Down payment and the amount borrowedThe loan starts at home price minus down payment. That principal is what the schedule pays off.1 min
  5. 5How property tax changes the monthly housing numberYearly property tax is divided by twelve and added to the loan payment. The calculator does not look the tax up.1 min
  6. 6Homeowners insurance beside the loan paymentThe yearly homeowners policy is split into months and added to housing. The tool does not shop for a quote.1 min
  7. 7Typing your own tax and insuranceThe yearly fields are your estimates. The calculator divides each by twelve and adds them to the loan.1 min
  8. 8What PMI is on a conventional loanPMI is insurance the lender takes when the loan starts above 80% of the price. You type the monthly amount.1 min
  9. 9What 20% down does to PMIA down payment of 20% or more keeps PMI out of the housing payment. The PMI field is ignored in that case.1 min
  10. 10When you can ask the lender to remove PMIYou can ask when the balance reaches 80% of the original price. The calculator dates that month from the schedule.1 min
  11. 11When PMI ends on its ownAutomatic removal is at 78% of the original price, when payments are current. That month is separate from the day you can ask.1 min
  12. 12HOA dues in the monthly housing numberMonthly HOA is added in full. It does not pay down the loan, and it stays the same when you compare two offers.1 min
  13. 13Leftover needs a take-home amountLeftover is take-home minus the month. Until you type take-home, the remainder stays hidden.1 min
  14. 14What to type before you compare lendersPrice, down payment, and term first. Then each lender’s note rate and APR. Hold period last.1 min
  15. 15How to compare two mortgage offersPut each lender’s note rate and APR on the same loan amount and term. The cheaper offer is fees plus interest over the years you plan to keep it.1 min
  16. 16What the mortgage calculator leaves outNo live rates, no tax lookup, no FHA insurance, and no fees added to the loan balance. You type the amounts.1 min