How to use: input the number of years your loan runs (usually 30 or sometimes 15), interest rate, loan amount (not purchase price - just the
amount you will be financing), annual property taxes and estimated insurance. Hit Calculate to get an estimate of your monthly payments.
These figures should be used as rough estimates only and are not intended to serve as a precise method to determine your monthly
mortgage payments. It is important that you seek the guidance of an experienced loan officer when it comes to making important financial choices.
If you are a first-time homebuyer, I work with a lender at National City Bank that offers a special program called the
Downpayment Assist Bond Program
that provides qualifying buyers with a grant of 4.25% of the purchase price of a home for downpayment assistance as well as closing costs. The best thing is, in most cases,
this money never has to be repaid! If you are interested in learning the details of this program, please find more information at my
Downpayment Assist Bond Program page.
If you are just beginning to collect information about financing an Aurora real estate or Naperville real estate purchase, you might
be interested in getting a free copy of my guide:
The Truth about Credit. This
easy-to-follow guide will give you valuable tips and information about the lending process that will help you prepare for your
first meeting with a lender.
