Terms And Definitions
Down Payment
This is the amount of money you will put towards a down payment on the house. Make sure you still have cash left over after the down payment to cover unexpected repairs or financial emergencies.
Interest Rate
This is the interest rate for the loan you will receive. It is pre-filled with the current 30-yr fixed average rate on Zillow Mortgage Marketplace.
Property Taxes
The mortgage payment calculator includes estimated property taxes. The value represents an annual tax on homeowners property and the tax amount is based on the homes value.
Tax Year | Vacant Land | Non-Residential | Residential |
2015-16 | 0.80% | 0.70% | 0.0% on First $150,000 |
0.1% on the next $300,000 | |||
0.45% on the next $550,000 | |||
0.75% on excess over $1,000,000 |
Homeowners Insurance
Commonly known as hazard insurance, most lenders require insurance to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. All homeowner's insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off your property.
Mortagage Insurance
Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Also known as PMI (Private Mortgage Insurance).
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