Purchase & Financing Information
Mortgage Payment Information
The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)
The interest rate = The annual interest percentage divided by 100
The monthly factor = The result of the following formula:
The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)
The month term of the loan in months = The number of years you've taken the loan out for times 12
The monthly payment is figured out using the following formula: Monthly Payment =
The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.
*Lender paid Private Mortgage Insurance on loans 89.5% Loan-to-value and over. Applicable to our portfolio mortgage product. If you fail to qualify for that product, you may be offered a mortgage that does have an appraisal fee, borrower-paid PMI, and a tax escrow account.
Please note: We reserve the right to alter or withdraw this product or certain features thereof without prior notification.