 Annual income
 Your annual income before taxes. For married couples this is your total combined annual income before taxes.
 Purchase price
 The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs.
 Total monthly payment
 Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI.
 Cash on hand
 Cash you have for the down payment and all closing costs.
 Interest rate
 The current annual interest rate you can receive on your mortgage.
 Term in years
 The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
 Property tax rate
 Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.
 Home insurance rate
 Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance.
 Monthly car payment(s)
 Total monthly payment for your car loan(s).
 Credit card payments
 Total monthly minimum payments for your credit cards.
 Other loan payments
 Any other installment loan payments, such as student loans or unsecured loans.
 Total closing costs
 Total upfront costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.
 Loan origination rate
 The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.
 Number of points paid
 The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.
 Other closing costs
 Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.
 Monthly PMI payment
 Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero. Please note that this is only an estimate of your actual PMI. The amount you may be required to pay may be higher or lower than our estimate.
 Monthly PI payment
 Monthly principal and interest payment.
 Total for down payment
 Total funds remaining, after closing costs, for down payment.
 Limit down payment
 Limit your down payment to percentage required to eliminate the need for PMI payments. Even if you have more cash on hand than required for closing costs checking this box will limit your down payment to the minimum amount required to forego PMI.
 Total annual income debt percentage
 Not shown. This is the percentage of your annual income your financial institution allows you to use for debt installment payments. This includes car payments, credit card payments, other loan payments and your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 36%.
 PITI annual income percentage
 Not shown. This is the percentage of your annual income your financial institution allows you to use for your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 28%.
 Qualify amount
 Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Insurance" for your home.
