- 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 than a second mortgage.
- Loan two amount
- The total amount that will be financed by your second mortgage.
- Interest rate
- The current annual interest rate you can receive on your 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. The tool assumes 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.
