Loan Amount: This is the amount of your loan, excluding a down payment or other supplementary financing. Lenders typically require supplementary financing or Private Mortgage Insurance if your down payment is less than 20% of the purchase price.
Interest: This is the interest rate you expect to receive from a lender. Interest rates vary according to market conditions and your credit rating.
Years: The number of years it will take you to repay the loan. Typical loan durations are 30, 20, or 15 years.
Annual Tax: Enter an estimate of your local property or city taxes, expressed as an annual amount.
Annual Insurance: Enter the annual amount you expect to pay in property or hazard insurance.
Annual Dues: Enter the annual amount you expect to pay in association or homeowner dues. This typically applies to condo or townhouse buyers and some subdivisions that require membership in a homeowner association. An Iowa REALTOR® can provide you with dues requirements for your area.
When buying or selling a home, your Iowa REALTOR® can help you find the right financing options.