贷款专员用的首次购房计算器：月供和现金并排展示

计算器中的定义

Down payment

The part of the purchase price paid in cash at closing rather than borrowed. It sets the loan amount and the loan-to-value ratio. On a conventional loan, putting less than 20% down usually means paying PMI; a larger down payment lowers the loan, the monthly payment and total interest.

Cash needed at closing

The total cash you bring to the closing table: the down payment plus closing costs. This calculator adds the two to show how much you need saved before buying. Earnest money already deposited, seller credits or assistance programs can reduce what is due on the day.

Closing costs

Fees and prepaid items due when the purchase closes, such as lender charges, appraisal, title insurance, recording fees and initial escrow deposits. They typically run 2% to 5% of the price, as noted in this calculator, and vary by lender and location. They are paid in addition to the down payment.

PMI (private mortgage insurance)

Insurance that protects the lender on a conventional loan when the down payment is under 20%. It is charged as a yearly percentage of the loan and added to the monthly payment. Under the Homeowners Protection Act, it can be cancelled on request at 80% of the original value and ends automatically at 78%.

PITI

Principal, interest, taxes and insurance: the four main parts of a monthly mortgage payment. This calculator’s total monthly payment is PITI plus PMI when the down payment is under 20%. Lenders often use the PITI figure when judging whether the payment fits your income.

Principal and interest

The part of the monthly payment that repays the loan and covers interest, calculated from the loan amount, rate and term. It stays fixed for the life of a fixed-rate mortgage, while taxes, insurance and PMI can change. Early on, most of it is interest.

Property tax

An annual tax charged by local governments based on the assessed value of the home. This calculator applies your rate to the home price and divides by 12 to add a monthly amount to the payment. Actual bills depend on the local assessment and can rise over time.

Homeowners insurance

A policy covering damage to the home and liability for injuries on the property. Mortgage lenders require it and usually collect the premium monthly through escrow. The calculator divides your yearly premium by 12 and adds it to the payment; flood or earthquake coverage is usually separate.

Escrow

An account the loan servicer uses to collect part of the property tax and insurance with each monthly payment and pay those bills when due. That is why the total payment shown here includes tax and insurance. Escrow payments are adjusted when tax or insurance costs change.

Loan-to-value ratio (LTV)

The loan amount divided by the home’s value, as a percentage. With 5% down, the LTV is 95%. It determines whether PMI applies and affects the rate offered; PMI generally applies above 80% LTV on a conventional loan. It falls as you pay down principal or the home gains value.