Estimated Mortgage Payment:
This calculation only includes monthly payment estimates with principal and interest.
Contact an approved Chenoa Fund lender to learn more about an estimated second mortgage payment. Or visit chenoafund.org to find out more.
Please note that this is an estimated projection.
This payment does not include property tax, mortgage insurance, or hazard insurance which will be a part of your final payment.
The estimated monthly payment amount reflects principal and interest. This payment calculation does not include property taxes and homeowners insurance which you will also be required to pay under the terms of a mortgage. The amount of property taxes will be dependent upon the county or area your property is located in and the homeowners insurance premium will be determined by the insurance carrier of your choice - your mortgage professional can assist you with calculating these additional monthly costs.
Principal and Interest: The principal and interest payment on a mortgage are the main components of your monthly mortgage payment. The principal is the amount you borrowed and have to pay back, and interest is what the lender charges for lending you the money.
Mortgage Insurance: Borrowers making a down payment of less than 20 percent of the purchase price of a home will need to pay for mortgage insurance. Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it does increase the cost of your loan.
Property Taxes: Property taxes are paid on property owned by the homeowner. The tax is calculated by the local government where the property is located and paid by the owner of the property. The tax is usually based on the value of the property at the time it is acquired and may be adjusted annually. The tax is used to help pay for essential community services such as water, sewer, law enforcement, fire protection and schools among other services.
Homeowners Insurance: Homeowners insurance is required by your lender to protect against loss in the event of a fire or storm. Some areas may require flood coverage as well. This type of insurance usually requires an amount sufficient to rebuild the home if it is destroyed.