Understanding Home Loan Durations
Home loan durations typically range from 15 to 30 years.
You’ll choose a term that suits your financial goals and budget.
Your monthly mortgage payment consists of:
Principal: The original amount you borrowed for the home.
Interest: The cost of borrowing money.
Taxes: These are property taxes paid to your local government.
Home Insurance: Covers incidents like damage, theft, and liability.
Note that homeowners association (HOA) fees are separate.
​HOA fees are an annual payment directly to your subdivision’s management company.
They cover shared community expenses (like maintenance, amenities, and landscaping).
When you choose a lender, they’ll assess your financial situation.
Factors include your income, tax returns, and debt ratio.
If you qualify, they’ll provide aprequalification letter.
This letter helps you make an offer on a home.
Mortgage Calculator
Get an estimate on monthly payments on a property.
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
