Definitions:

Payment: Your payment is estimated based on the property price and the amount you have available to put towards a down payment. It takes into account interest rate, property taxes, mortgage insurance, homeowners insurance and HOA dues. Note: Your payment is just an estimate and may be higher or lower depending on additional factors including credit score, property location, property type, loan type, and the specific lender.

Monthly Payment: The total amount of the recurring payments paid on a monthly basis for the lifetime of the loan. It includes the monthly principal and interest payment on the loan, and may also include recurring taxes, homeowners insurance payments, mortgage insurance payments, and HOA dues. Taxes, insurance, and dues can be paid separately and may be paid semi-annually or annually rather than monthly.

Total Payment: The total amount of the recurring payments made over the lifetime of the loan. Note: it does not represent the total cost you will incur in owning the property. It does not include your down payment and any fees.

Property Price: The price you plan to pay for the property.

Down Payment: The amount you plan to apply toward an upfront payment on the purchase price of the property.

Interest Rate: The interest charge charged by the lender to reflect the lender's risk expressed as a percentage of the loan you will take on. Go to “My Rates” to determine the best interest rate for you.

Loan Term: The period of time that constitutes the duration of the loan agreement – the time in which you must pay off or refinance the loan.

Property Tax: The annual tax you pay on your property as a percentage of the total property value.

Homeowners Insurance: Insurance required by lenders to protect homeowners and lenders from damage or loss to the home, its contents, or other personal property

Mortgage Insurance: Insurance to protect lenders against default on the loan. Lenders typically require insurance if the down payment is less than 20% of the purchase price. Mortgage insurance can either be purchased from the Federal Housing Administration (mortgage insurance premium, MIP, for FHA loans) or through private insurers (private mortgage insurance, PMI). Lenders are required to cancel mortgage insurance on most home loans once the loan value equals 78% of the home value. Borrowers who wish to cancel earlier can terminate mortgage insurance when their loan value equals 80% of the home value given they have a good payment history.

HOA Dues: Monthly fees typically required by condos, townhomes, or other shared housing developments to cover the cost of insurance, maintenance, services, and amenities.