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Our mortgage calculator is very easy and simple to use, here's the steps:
For the advanced options like taxes and fees click on "Show Advanced Options" and follow these steps:
A mortgage is basically a loan from a bank or other financial institution that helps a borrower purchase a home. The difference between mortgage and a loan is that the mortgage is using the home you're buying as collateral, which means if you don't repay the money you have borrowed plus interest the bank or the financial institution will have the right to take your property.
Down payment is an initial payment you put towards the price of a home you want to buy, it will reduce the amount of money that you will borrow, the lower the mortgage amount borrowed means lower monthly payments.
Almost every mortgage includes interest, the interest is the profit that lenders (i.e Bank) will put depends on your mortgage term and amount.
Property taxes are fees paid by real estate owners to a local authority based on the value of your property. Your property taxes are added to your mortgage payment incrementally each month.
Homeowner's insurance are the coverage to repair your home or rebuild it in case of vandalism and theft, fire, weather etc...
HOA is a homeowners association is an organization that creates and enforces rules for a community, if you buy a house or a property within HOA's jurisdiction you'll become a member automatically and you're required to pay HOA fees. HOA fees cover Grounds maintenance and landscaping, Snow removal, Trash removal, Electricity and other utilities.