Reece & Nichols

This is the Reece and Nichols home payment calculator. You can explore a number of scenerios by moving the diamond-shaped sliders from left to right. You can change the loan type, which is updated every day with the latest interest rates.

Here is an explanation of the numbers used in the calculator:

Purchase Price: The price agreed on by the seller and the buyer. This amount does not include any extra costs, including down payment, interest, or any other fees.
Down Payment: The amount of your home's purchase price you need to supply up front in cash to get your loan. For conventional loans, you should strive for a down payment that's at least 20% of your home's value, since lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price.
Base Loan Amount: The purchase price of the house minus the down payment.
MIP Financed: Used only for a FHA loan; it is initial premium charged by FHA or VA and is added to the loan amount.
Closing Costs: Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing costs percentage will vary according to the area of the country. For specific closing costs, click the "Print Calculator Values" button on the calculator.
Escrow/Reserves: The amount of reserves in PMI/MI, taxes, and insurance that you must pay when you close on the loan.
Amount Due At Closing: The sum of the down payment and the closing costs; the total amount that you must pay when you close on the loan.
Interest Rate: The annual rate of interest on the loan, expressed as a percentage of 100.
APR:The cost of a mortgage expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.
Monthly Payment: The amount required each month to repay the loan.
MI/PMI Insurance: Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's purchase price.
Est. Insurance: The estimated amount of insurance that you will have to pay (per month).
Est. Taxes: The estimated amount of taxes that you will have to pay (per month).
Total Monthly Cost: The sum of the monthly house payment, MI/PMI insurance, taxes and insurance.