# MortgageMath US

> Mortgage calculators, sourced numbers and step-by-step guides for buying, refinancing and borrowing against a home in all 50 states and DC. Every figure links to an official or primary source (FHFA, HUD, CFPB, US Census Bureau, Freddie Mac, VA, USDA and state housing finance agencies) and carries an as-of date.

Every content page has a Markdown version at the same URL ending in `.md` (for example https://mail.mortgage-math-us.com/buying.md). All numbers are also published as JSON at https://mail.mortgage-math-us.com/api/facts.json. Mortgage rates come from Freddie Mac's weekly Primary Mortgage Market Survey and are always shown with their survey week.

## Topic hubs

- [Buying a home with a mortgage, step by step](https://mail.mortgage-math-us.com/buying/): How buying a home with a mortgage works: pre-approval, down payment, PMI, closing costs, credit score and debt-to-income, with sourced 2026 numbers.
- [First-time home buyer guide](https://mail.mortgage-math-us.com/first-time-buyers/): First-time home buyer guide: who qualifies, low-down-payment loans, down-payment assistance, tax credits, education and the path from savings to keys.
- [Borrowing against your home equity](https://mail.mortgage-math-us.com/home-equity/): How to borrow against home equity: HELOCs, home equity loans and cash-out refinances compared, how much you can borrow, costs, risks and tax rules.
- [Types of mortgage loans, compared](https://mail.mortgage-math-us.com/loan-types/): Compare mortgage loan types: conventional, FHA, VA, USDA and jumbo loans, fixed vs adjustable rates, and specialty loans, with 2026 limits and costs.
- [Refinancing your mortgage: when it pays and how it works](https://mail.mortgage-math-us.com/refinancing/): How mortgage refinancing works: rate-and-term, cash-out and streamline options, closing costs, break-even math, requirements and when not to refinance.

## Guides

- [Appraisal and home inspection](https://mail.mortgage-math-us.com/buying/appraisal-and-inspection/): How a mortgage appraisal differs from a home inspection, your right to a copy of the appraisal, options after a low appraisal, and contingencies.
- [Closing costs for buyers, line by line](https://mail.mortgage-math-us.com/buying/closing-costs/): What buyers pay at closing, section by section on the Loan Estimate, how state transfer and mortgage taxes change the total, and ways to pay less.
- [What credit score do you need for a mortgage?](https://mail.mortgage-math-us.com/buying/credit-score/): Minimum credit scores for FHA, conventional, VA and USDA loans, how your score affects the rate and PMI, rate shopping, and how to raise a score.
- [Debt-to-income ratio (DTI) for a mortgage](https://mail.mortgage-math-us.com/buying/debt-to-income/): How lenders calculate debt-to-income ratio, with a worked example, DTI limits for Fannie Mae, Freddie Mac and FHA loans, and which debts count.
- [How much down payment do you need?](https://mail.mortgage-math-us.com/buying/down-payment/): Down payment minimums by loan type, what 3%, 5%, 10% and 20% down cost on a median-value home, gift rules, assistance programs and the PMI trade-off.
- [Loan Estimate and Closing Disclosure](https://mail.mortgage-math-us.com/buying/loan-estimate/): When you get the Loan Estimate and Closing Disclosure, which costs can and can’t change between them, the APR rule, and how to compare offers page by page.
- [Mortgage points and lender credits](https://mail.mortgage-math-us.com/buying/mortgage-points/): How discount points work, a worked break-even example, lender credits, the Qualified Mortgage points-and-fees cap and how the IRS treats points.
- [How mortgage rates work](https://mail.mortgage-math-us.com/buying/mortgage-rates/): What moves mortgage rates, how Freddie Mac’s weekly average is measured, APR vs interest rate, rate locks, and what each rate costs per $100,000 borrowed.
- [Private mortgage insurance (PMI) explained](https://mail.mortgage-math-us.com/buying/pmi/): How PMI is priced, borrower-paid vs lender-paid PMI, the 80% and 78% cancellation rules with a worked example, and how FHA mortgage insurance differs.
- [Mortgage pre-approval, step by step](https://mail.mortgage-math-us.com/buying/pre-approval/): How mortgage pre-approval works: pre-qualification vs pre-approval, documents lenders ask for, credit checks, how long a letter lasts and what undoes it.
- [Down-payment grants and assistance loans](https://mail.mortgage-math-us.com/first-time-buyers/grants/): How down-payment grants differ from forgivable and deferred second loans, what assistance does to your mortgage, and how to spot grant scams.
- [Homebuyer education courses](https://mail.mortgage-math-us.com/first-time-buyers/homebuyer-education/): When a homebuyer education course is required by Fannie Mae, HomeReady, Home Possible and state programs, what it covers, its cost and how to find one.
- [First-time home buyer mistakes to avoid](https://mail.mortgage-math-us.com/first-time-buyers/mistakes-to-avoid/): Ten first-time buyer mistakes and the rules that prevent them: PMI, debt-to-income, rate shopping, appraisals, Closing Disclosure timing, transfer taxes.
- [Mortgage credit certificates (MCCs)](https://mail.mortgage-math-us.com/first-time-buyers/mortgage-credit-certificates/): How a mortgage credit certificate turns 10%–50% of your mortgage interest into a tax credit: the $2,000 cap, carryforward, recapture and who can get one.
- [First-time home buyer programs](https://mail.mortgage-math-us.com/first-time-buyers/programs/): First-time home buyer programs explained: FHA, VA, USDA, HomeReady, Home Possible, state housing agency help, Good Neighbor Next Door and Texas.
- [Saving for a home: targets, timelines and shortcuts](https://mail.mortgage-math-us.com/first-time-buyers/saving-for-a-home/): How much to save for a house at 3%, 5%, 10% and 20% down plus closing costs, how long it takes, and how IRA withdrawals and family gifts can help.
- [How to buy your first home, step by step](https://mail.mortgage-math-us.com/first-time-buyers/step-by-step/): The path from savings to keys in 12 steps: credit, savings, programs, pre-approval, Loan Estimates, offer, inspection, appraisal, Closing Disclosure.
- [Who counts as a first-time home buyer?](https://mail.mortgage-math-us.com/first-time-buyers/who-counts-as-first-time/): Who counts as a first-time home buyer: the 3-year rule used by HUD, Fannie Mae and tax law, exceptions for single parents and displaced homemakers.
- [Cash-out refinance vs HELOC](https://mail.mortgage-math-us.com/home-equity/cash-out-vs-heloc/): Cash-out refinance or HELOC? A worked comparison of payments, blended rates and five-year interest, plus FHA, VA and conventional cash-out limits.
- [HELOC draw and repayment periods](https://mail.mortgage-math-us.com/home-equity/heloc-draw-and-repayment/): What happens when a HELOC draw period ends: how much the payment jumps, balloon plans, and your options to refinance, pay down or lock a fixed rate first.
- [How a HELOC works](https://mail.mortgage-math-us.com/home-equity/heloc/): How a home equity line of credit works: draw and repayment periods, prime-plus-margin rates, federal rules on freezes and fees, and your right to cancel.
- [Is home equity interest tax-deductible?](https://mail.mortgage-math-us.com/home-equity/home-equity-interest-deduction/): When HELOC and home equity loan interest is deductible: the IRS buy, build or improve rule, debt limits and when itemizing beats the standard deduction.
- [Home equity loans explained](https://mail.mortgage-math-us.com/home-equity/home-equity-loan/): How a home equity loan works: a fixed-rate lump sum on top of your mortgage, payments by term, how it compares with a HELOC and your right to cancel.
- [Home equity loan and HELOC requirements](https://mail.mortgage-math-us.com/home-equity/home-equity-requirements/): What you need for a home equity loan or HELOC: equity, credit, debt-to-income, documents and occupancy rules, plus the extra protections in Texas law.
- [Risks of borrowing against your home](https://mail.mortgage-math-us.com/home-equity/home-equity-risks/): The risks of HELOCs and home equity loans: foreclosure, rising variable rates, line freezes, falling home values and scams, with worked examples.
- [How much equity can you borrow?](https://mail.mortgage-math-us.com/home-equity/how-much-equity/): Work out how much home equity you can borrow: equity and combined loan-to-value math, a table for common lender limits, the Texas 80% rule and appraisals.
- [Construction loans explained](https://mail.mortgage-math-us.com/loan-types/construction-loans/): How construction loans work: single-close construction-to-permanent vs two-time close, draws and inspections, and interest-only payments during the build.
- [Conventional loans explained](https://mail.mortgage-math-us.com/loan-types/conventional-loans/): How conventional loans work in 2026: conforming limits, 3% down, PMI cost and cancellation, credit score and DTI rules, and how they compare with FHA.
- [DSCR investor loans explained](https://mail.mortgage-math-us.com/loan-types/dscr-loans/): How DSCR loans qualify rentals on rent instead of your income, how the ratio is calculated, why they are business-purpose loans, and how they compare.
- [FHA loans explained](https://mail.mortgage-math-us.com/loan-types/fha-loans/): How FHA loans work in 2026: 3.5% down with a 580 score, upfront and annual mortgage insurance, county loan limits and how FHA compares with conventional.
- [Fixed-rate vs adjustable-rate mortgages](https://mail.mortgage-math-us.com/loan-types/fixed-vs-adjustable-rate/): How fixed-rate and adjustable-rate mortgages compare: ARM index, margin and caps, a worst-case 5/6 ARM payment example, and when an ARM can make sense.
- [Interest-only mortgages](https://mail.mortgage-math-us.com/loan-types/interest-only-mortgages/): How interest-only mortgages work, how much the payment jumps when principal kicks in, why they aren’t Qualified Mortgages, and who uses them.
- [Jumbo loans explained](https://mail.mortgage-math-us.com/loan-types/jumbo-loans/): What a jumbo loan is in 2026, when a mortgage goes above the conforming limit, how lenders qualify jumbo borrowers, and ways to stay under the limit.
- [Reverse mortgages explained](https://mail.mortgage-math-us.com/loan-types/reverse-mortgages/): How a HECM reverse mortgage works: the age 62 rule, 2026 limit, insurance and fees, required counseling, what you must keep paying, and spouses and heirs.
- [USDA loans explained](https://mail.mortgage-math-us.com/loan-types/usda-loans/): How USDA guaranteed home loans work: no down payment, 1% upfront and 0.35% annual fees, income limits, eligible rural areas, debt ratios and how to apply.
- [VA loans explained](https://mail.mortgage-math-us.com/loan-types/va-loans/): How VA home loans work: no down payment or mortgage insurance, the funding fee table and exemptions, entitlement and limits, DTI rules and VA refinances.
- [Refinance break-even point: simple and full](https://mail.mortgage-math-us.com/refinancing/break-even/): When a refinance pays for itself: the simple break-even formula, the fuller test that counts your balance, two worked examples and how long you’ll stay.
- [Cash-out refinance: how much you can take and what it costs](https://mail.mortgage-math-us.com/refinancing/cash-out-refinance/): How a cash-out refinance works: LTV limits on conventional, FHA and VA loans, a worked example of the cash you can take, the costs, the risks and HELOCs.
- [No-closing-cost refinance: how it really works](https://mail.mortgage-math-us.com/refinancing/no-closing-cost-refinance/): A no-closing-cost refinance still has costs, paid through a higher rate or a bigger loan. Compare both with paying cash over 3, 5 and 10 years.
- [Rate-and-term refinance explained](https://mail.mortgage-math-us.com/refinancing/rate-and-term/): How a rate-and-term refinance works: a new rate or term without cashing out equity, the limited cash-out rule, costs and a worked break-even example.
- [Refinance closing costs](https://mail.mortgage-math-us.com/refinancing/refinance-closing-costs/): What refinance closing costs include, what you don’t pay again after buying, your right to cancel, and how to compare Loan Estimates line by line.
- [Refinance requirements by loan type](https://mail.mortgage-math-us.com/refinancing/refinance-requirements/): What you need to refinance: credit score, equity and LTV limits, debt-to-income, waiting periods by loan type, documents and when an appraisal is skipped.
- [Refinancing to remove PMI or FHA mortgage insurance](https://mail.mortgage-math-us.com/refinancing/refinance-to-remove-pmi/): Most conventional borrowers can cancel PMI without refinancing. FHA MIP is different — the rules, and when refinancing FHA to conventional pays off.
- [Streamline refinances: FHA Streamline and VA IRRRL](https://mail.mortgage-math-us.com/refinancing/streamline-refinance/): FHA Streamline and VA IRRRL side by side: seasoning, cash back, appraisal, fees, the net tangible benefit tests and a worked VA cost-recoupment example.
- [When not to refinance your mortgage](https://mail.mortgage-math-us.com/refinancing/when-not-to-refinance/): When refinancing loses money: a short stay, restarting a 30-year term, high costs, a prepayment penalty or a loan near payoff — each with worked numbers.

## Calculators

- [Home affordability calculator](https://mail.mortgage-math-us.com/tools/affordability-calculator/): How much house can you afford? See the home price your income supports at four debt-to-income limits, with taxes, insurance, PMI and today’s rate.
- [Closing cost estimator by state](https://mail.mortgage-math-us.com/tools/closing-cost-calculator/): Estimate closing costs by state: transfer and mortgage taxes, prepaid interest, insurance and escrow, plus the lender fees from your Loan Estimate.
- [Extra payment and amortization calculator](https://mail.mortgage-math-us.com/tools/extra-payment-calculator/): See how extra principal payments cut your mortgage interest and payoff date, with a full amortization schedule and a balance chart that updates live.
- [HELOC payment calculator](https://mail.mortgage-math-us.com/tools/heloc-payment-calculator/): Estimate HELOC payments: interest-only during the draw period, the jump when repayment starts, how much you can borrow and what a rate rise would cost.
- [Mortgage payment calculator](https://mail.mortgage-math-us.com/tools/mortgage-payment-calculator/): Free mortgage calculator: monthly payment with principal, interest, property tax, insurance, PMI and HOA, plus a live amortization chart and schedule.
- [Refinance break-even calculator](https://mail.mortgage-math-us.com/tools/refinance-break-even-calculator/): Find out when a refinance pays for itself: monthly savings, simple and full break-even, and the net gain over the years you keep the loan.
- [Rent vs buy calculator](https://mail.mortgage-math-us.com/tools/rent-vs-buy-calculator/): Compare the true cost of renting and buying over the years you plan to stay, with sourced rent growth, home price growth, taxes and selling costs.

## State and market pages

- [Alabama mortgages: low property taxes, recording taxes and AHFA help](https://mail.mortgage-math-us.com/location/alabama/): Alabama mortgage numbers: a 0.38% effective property tax rate, the deed and mortgage recording taxes, and AHFA Step Up help of up to $10,000.
- [Alaska mortgages: higher loan limits, AHFC loans and local taxes](https://mail.mortgage-math-us.com/location/alaska/): Alaska mortgage numbers: a $1,249,125 conforming limit in every borough, AHFC first-time and veterans loans, local property taxes and no transfer tax.
- [Arizona mortgages: home prices, property tax limits and buyer programs](https://mail.mortgage-math-us.com/location/arizona/): Arizona mortgage numbers: median prices against incomes, a 0.43% property tax rate under constitutional limits, no transfer tax and down-payment help.
- [Arkansas mortgages: low housing costs, ADFA help and the homestead credit](https://mail.mortgage-math-us.com/location/arkansas/): Arkansas mortgage numbers: a $215,600 median home, ADFA down-payment help up to $15,000, the $600 homestead credit and the state transfer tax.
- [Buying a home in Atlanta: payments, property taxes and Invest Atlanta programs](https://mail.mortgage-math-us.com/location/atlanta-ga/): Atlanta mortgage numbers: a $462,000 median home, a 1.01% property tax ratio, Georgia’s closing taxes and Invest Atlanta’s ATL HomeNOW help.
- [Buying a home in Austin: prices, property tax bills and city down payment help](https://mail.mortgage-math-us.com/location/austin-tx/): Austin mortgage numbers: a $571,000 median home, a $7,468 median tax bill, Texas closing rules and up to $40,000 in City help.
- [Buying a home in Boston: prices, property tax and city help](https://mail.mortgage-math-us.com/location/boston-ma/): Boston home buying: $722,800 median value, the residential exemption, Massachusetts deeds excise and up to $50,000 from the City’s buyer program.
- [California mortgages: Prop 13 taxes, CalHFA help and the FAIR Plan](https://mail.mortgage-math-us.com/location/california/): California mortgage numbers: a $759,500 median home, how Prop 13 sets a new buyer’s tax, CalHFA MyHome help and when you may need the FAIR Plan.
- [Buying in Charlotte: home prices, monthly costs and HouseCharlotte help](https://mail.mortgage-math-us.com/location/charlotte-nc/): Charlotte home buying: median value $431,900, a 0.69% effective tax rate, who pays the NC excise tax and how HouseCharlotte assistance works.
- [Buying a home in Chicago: property taxes, transfer taxes and payments](https://mail.mortgage-math-us.com/location/chicago-il/): Chicago mortgage numbers: a 1.51% effective property tax, the city’s buyer and CTA transfer taxes, FHA vs conventional payments and city buyer resources.
- [Colorado mortgages: high prices, low tax rates and CHFA assistance](https://mail.mortgage-math-us.com/location/colorado/): Colorado mortgage numbers: a $574,600 median home, a 0.49% effective tax rate, CHFA grants or second loans up to $25,000 and the senior exemption.
- [Buying in Columbus, Ohio: prices, property taxes and ADDI help](https://mail.mortgage-math-us.com/location/columbus-oh/): Columbus, Ohio: $279,900 median home, a 1.27% effective property tax rate, the Franklin County conveyance fee and up to $14,999 from ADDI.
- [Connecticut mortgages: property taxes, CHFA Time To Own and older homes](https://mail.mortgage-math-us.com/location/connecticut/): Connecticut mortgage numbers: a 1.66% property tax rate, the seller’s conveyance tax, CHFA’s forgivable $25,000 Time To Own loan and foundation risks.
- [Buying a home in Dallas: property taxes, DHAP help and what it costs](https://mail.mortgage-math-us.com/location/dallas-tx/): Dallas mortgage numbers: a $340,000 median home, a 1.45% effective property tax, up to $60,000 from DHAP and Texas closing rules.
- [Delaware mortgages: the realty transfer tax, low property taxes and DSHA loans](https://mail.mortgage-math-us.com/location/delaware/): Delaware mortgage numbers: the 2.5% state realty transfer tax and first-time buyer cut, a 0.47% property tax rate and DSHA 0% second mortgages.
- [Buying a home in Denver: payments, loan limits and down payment help](https://mail.mortgage-math-us.com/location/denver-co/): Denver mortgage numbers: a $636,000 median home, a 0.48% property tax ratio, the $862,500 county loan limit and metroDPA help.
- [DC mortgages: recordation tax, homestead deduction and HPAP](https://mail.mortgage-math-us.com/location/district-of-columbia/): DC mortgage rules: recordation and transfer taxes, the reduced first-time buyer rate, the $91,950 homestead deduction and HPAP help of up to $202,000.
- [Florida mortgages: insurance, doc stamps, homestead savings and buyer help](https://mail.mortgage-math-us.com/location/florida/): Florida mortgage numbers: insurance and Citizens, doc stamp and intangible taxes, the $50,000 homestead exemption and Florida Housing down-payment help.
- [Georgia mortgages: closing taxes, Georgia Dream and homestead relief](https://mail.mortgage-math-us.com/location/georgia/): Georgia mortgage costs: the 0.3% intangible tax on your loan, Georgia Dream help up to $10,000, homestead relief and the payment on a median home.
- [Hawaii mortgages: loan limits, payments and state help](https://mail.mortgage-math-us.com/location/hawaii/): Hawaii mortgage numbers: $1,249,125 conforming limit, 0.27% effective property tax, the payment on a median home and HHFDC’s Hale Kamaʻāina loans.
- [Buying a home in Houston: prices, payments and buyer help](https://mail.mortgage-math-us.com/location/houston-tx/): Houston mortgage numbers: median home value, the 1.4% effective property tax, what a median household can afford, flood risk and city buyer help.
- [Idaho mortgages: the homeowner’s exemption, payments and Idaho Housing help](https://mail.mortgage-math-us.com/location/idaho/): Idaho mortgage numbers: a $125,000 homeowner’s exemption, 0.43% effective property tax, no transfer tax and Idaho Housing loans of up to 8%.
- [Illinois mortgages: property taxes, exemptions and IHDA help](https://mail.mortgage-math-us.com/location/illinois/): Illinois mortgage numbers: a 1.92% effective property tax rate, homestead exemptions up to $10,000 of EAV, IHDA help up to $15,000 and transfer taxes.
- [Indiana mortgages: the 1% tax cap, IHCDA help and what a home costs](https://mail.mortgage-math-us.com/location/indiana/): Indiana mortgage numbers: the 1% homestead property tax cap, IHCDA down payment help of up to 5%, no transfer tax and the payment on a median home.
- [Iowa mortgages: Title Guaranty, the new homestead exemption and FirstHome](https://mail.mortgage-math-us.com/location/iowa/): Iowa mortgage numbers: 1.29% effective property tax, the 2026 homestead exemption, Iowa Title Guaranty and IFA loans with up to 5% down payment help.
- [Kansas mortgages: forgivable buyer loans, property tax and rural guarantees](https://mail.mortgage-math-us.com/location/kansas/): Kansas mortgage numbers: a 0% Kansas Housing loan of up to 20% of the price, 1.25% effective property tax, no transfer tax and the cost of a median home.
- [Kentucky mortgages: payments, KHC down payment help and the deed tax](https://mail.mortgage-math-us.com/location/kentucky/): Kentucky mortgage numbers: KHC down payment loans up to $12,500, a 0.71% effective property tax rate, the deed transfer tax and payments on a median home.
- [Las Vegas home buying: property taxes, transfer tax and payments](https://mail.mortgage-math-us.com/location/las-vegas-nv/): Las Vegas mortgage numbers: $458,300 median home, a 0.49% effective tax rate, Clark County’s transfer tax and FHA vs conventional payments.
- [Buying a home in Los Angeles: loan limits, Measure ULA and LAHD help](https://mail.mortgage-math-us.com/location/los-angeles-ca/): Los Angeles mortgage numbers: a $948,000 median home, LA County loan limits, the city transfer tax and Measure ULA, and LAHD buyer loans.
- [Louisiana mortgages: insurance, flood risk, homestead and LHC help](https://mail.mortgage-math-us.com/location/louisiana/): Louisiana mortgage numbers: Louisiana Citizens, Fortify Homes roof grants up to $10,000, flood insurance, a $75,000 homestead exemption and LHC buyer help.
- [Maine mortgages: the shared transfer tax, MaineHousing loans and the homestead exemption](https://mail.mortgage-math-us.com/location/maine/): Maine mortgage numbers: a 0.44% transfer tax split by buyer and seller, MaineHousing help up to $10,000 and a $25,000 homestead exemption.
- [Maryland mortgages: closing taxes, first-time buyer breaks and MMP loans](https://mail.mortgage-math-us.com/location/maryland/): Maryland home buying in numbers: 0.5% state transfer tax (0.25% for first-time buyers), county recordation tax, 0.95% property tax and MMP aid.
- [Buying a home in Massachusetts: prices, the deeds excise and MassHousing help](https://mail.mortgage-math-us.com/location/massachusetts/): Massachusetts mortgage math: a $607,400 median home, $4,753 a month with 10% down, the deeds excise, homestead protection and MassHousing aid.
- [Buying a home in Miami: payments, documentary stamps and flood insurance](https://mail.mortgage-math-us.com/location/miami-fl/): Miami mortgage numbers: a $598,000 median home, Miami-Dade documentary stamp rates, Citizens’ flood insurance rule and county down payment help.
- [Buying a home in Michigan: uncapped taxes, the PRE and MSHDA help](https://mail.mortgage-math-us.com/location/michigan/): Michigan home buying: a $254,200 median home, why taxes jump after a sale, the Principal Residence Exemption, seller-paid transfer tax and MI 10K.
- [Minnesota mortgages: the deed tax, the mortgage registry tax and Start Up loans](https://mail.mortgage-math-us.com/location/minnesota/): Minnesota home loans: 0.33% deed tax, 0.23% mortgage registry tax, a $344,600 median home and Minnesota Housing Start Up help.
- [Mississippi home loans: low prices, MHC second mortgages and the homestead credit](https://mail.mortgage-math-us.com/location/mississippi/): Mississippi mortgage numbers: a $186,500 median home, no transfer tax, the homestead credit and MHC’s Smart7, Easy8 and Trusty10 down payment loans.
- [Missouri home loans: how homes are taxed and how MHDC’s cash assistance works](https://mail.mortgage-math-us.com/location/missouri/): Missouri home buying: a $254,400 median home, the 19% assessment rule, no transfer tax and MHDC cash assistance forgiven over 10 years.
- [Montana home buying: the price-to-income gap, the homestead rate and MBOH loans](https://mail.mortgage-math-us.com/location/montana/): Montana mortgage numbers: home values 5.6 times income, the homestead tax rate you apply for, no transfer tax and Board of Housing aid of up to $15,000.
- [Nashville home buying: prices, recordation taxes and property tax](https://mail.mortgage-math-us.com/location/nashville-tn/): Nashville mortgage costs: $438,800 median home, a 0.56% effective tax rate, Tennessee recordation taxes at closing and where buyers find help.
- [Nebraska home loans: what property tax does to your payment, and NIFA help](https://mail.mortgage-math-us.com/location/nebraska/): Nebraska mortgage numbers: a 1.42% effective property tax, the seller-paid documentary stamp tax, a $263,100 median home and NIFA down payment loans.
- [Nevada mortgages: the property tax cap, the transfer tax and Home Is Possible](https://mail.mortgage-math-us.com/location/nevada/): Nevada home buying: a $455,500 median home, a 3% yearly cap on a homeowner’s tax bill, the transfer tax and Home Is Possible down payment help.
- [New Hampshire mortgages: property tax, a two-sided transfer tax and NH Housing help](https://mail.mortgage-math-us.com/location/new-hampshire/): New Hampshire home buying: a 1.46% effective property tax, a transfer tax charged to buyer and seller, the $458,800 median home and NH Housing aid.
- [New Jersey mortgages: property taxes, transfer fees and NJHMFA help](https://mail.mortgage-math-us.com/location/new-jersey/): New Jersey homeowners pay the highest property tax bills in the US. See the monthly cost, what income it takes, transfer fees and NJHMFA help.
- [New Mexico mortgages: the valuation reset, monthly costs and FirstHome help](https://mail.mortgage-math-us.com/location/new-mexico/): New Mexico home buying numbers: the median home’s payment, why taxes reset when a home sells, no transfer tax, and Housing New Mexico’s FirstDown help.
- [Buying a home in New York City: payments, closing taxes and HomeFirst](https://mail.mortgage-math-us.com/location/new-york-ny/): NYC mortgage math: a $779,000 median home, city transfer and mortgage recording taxes, the mansion tax and HPD’s HomeFirst help.
- [New York mortgages: the recording tax, mansion tax and SONYMA help](https://mail.mortgage-math-us.com/location/new-york/): New York mortgage numbers: the 1% mortgage recording tax, transfer and mansion taxes, the median home’s payment, STAR credits and SONYMA aid.
- [North Carolina mortgages: NCHFA help, the excise tax and monthly costs](https://mail.mortgage-math-us.com/location/north-carolina/): North Carolina home buying numbers: the median home’s payment, the 0.61% property tax rate, the seller’s excise tax and NCHFA down-payment help.
- [North Dakota mortgages: the residence credit, NDHFA loans and monthly costs](https://mail.mortgage-math-us.com/location/north-dakota/): North Dakota home buying numbers: the median home’s payment, the $1,600 Primary Residence Credit, no transfer tax and NDHFA’s 3% down-payment help.
- [Ohio mortgages: monthly costs, property taxes and OHFA help](https://mail.mortgage-math-us.com/location/ohio/): Ohio home buying numbers: the median home’s payment, a 1.22% property tax rate, county conveyance fees and OHFA’s 3%–3.5% down-payment help.
- [Oklahoma mortgages: recording taxes, OHFA help and the homestead cap](https://mail.mortgage-math-us.com/location/oklahoma/): Oklahoma home buying numbers: about $1,690 a month for the median home, deed and mortgage taxes, the homestead cap reset and OHFA’s 3.5% help.
- [Oregon mortgages: high prices, capped tax values and OHCS help](https://mail.mortgage-math-us.com/location/oregon/): Oregon home buying numbers: median home $497,500, what the median income buys, Measure 50 property taxes, no transfer tax and OHCS down-payment aid.
- [Pennsylvania mortgages: the realty transfer tax, PHFA help and monthly costs](https://mail.mortgage-math-us.com/location/pennsylvania/): Pennsylvania home buying numbers: the 1% state realty transfer tax plus local shares, the median home’s payment, tax rebates and PHFA’s K-FIT help.
- [Buying a home in Phoenix: property taxes, payments and Open Doors help](https://mail.mortgage-math-us.com/location/phoenix-az/): Phoenix mortgage numbers: a $455,000 median home, a 0.4% effective property tax, no transfer tax and City of Phoenix Open Doors help.
- [Raleigh mortgages: what homes cost and how the City helps buyers](https://mail.mortgage-math-us.com/location/raleigh-nc/): Raleigh home buying in numbers: $450,300 median value, what the median income buys, 0.72% property tax and City of Raleigh buyer assistance.
- [Rhode Island mortgages: the conveyance tax, RIHousing help and monthly costs](https://mail.mortgage-math-us.com/location/rhode-island/): Rhode Island home buying numbers: the higher 0.75% conveyance tax, what the median home costs a month and RIHousing’s $15,000 down-payment loan.
- [San Diego mortgages: prices, county loan limits and buyer help](https://mail.mortgage-math-us.com/location/san-diego-ca/): San Diego mortgage math: a $980,700 median home, the $1,104,000 county loan limit, Prop 13 property tax and San Diego Housing Commission help.
- [Buying a home in Seattle: payments, excise tax and city down payment loans](https://mail.mortgage-math-us.com/location/seattle-wa/): Seattle mortgage numbers: a $951,000 median home, what the median income buys, state and city excise tax, and Office of Housing loans.
- [Buying a home in South Carolina: payments, the 4% ratio and SC Housing](https://mail.mortgage-math-us.com/location/south-carolina/): South Carolina mortgage numbers: the 0.45% effective property tax, the legal-residence assessment ratio, deed fees and SC Housing down payment help.
- [South Dakota home buying: monthly costs, property tax and SD Housing loans](https://mail.mortgage-math-us.com/location/south-dakota/): South Dakota mortgage numbers: median price $289,600, a 1.02% property tax ratio, below-average rents, the transfer fee and SD Housing Fixed Rate Plus.
- [Buying in Tampa: payments, doc stamps, flood risk and city help](https://mail.mortgage-math-us.com/location/tampa-fl/): Tampa home buying: $494,400 median value, Florida doc stamps at closing, insurance and flood risk, and up to $50,000 from Dare to Own the Dream.
- [Tennessee home loans: payments, recordation taxes and THDA help](https://mail.mortgage-math-us.com/location/tennessee/): Tennessee mortgage math: $2,450/mo on the median home, the 0.37% transfer and 0.115% mortgage taxes, property tax and THDA Great Choice Plus.
- [Texas mortgages: payments, property taxes and buyer programs](https://mail.mortgage-math-us.com/location/texas/): Texas mortgage numbers: 1.31% effective property tax, $140,000 homestead exemption, no transfer tax, insurance costs and TDHCA down-payment help.
- [Utah mortgages: home prices, the 45% residential exemption and Utah Housing help](https://mail.mortgage-math-us.com/location/utah/): Utah mortgage numbers: a $545,200 median home, what it costs monthly, the 45% primary residential exemption, no transfer tax and Utah Housing help.
- [Buying in Vermont: the property transfer tax, homestead taxes and VHFA help](https://mail.mortgage-math-us.com/location/vermont/): Vermont home buying costs: the buyer-paid property transfer tax ($3,246 on the median home), a 1.42% tax rate, the Homestead Declaration and VHFA.
- [Virginia mortgages: recordation taxes, monthly payments and Virginia Housing](https://mail.mortgage-math-us.com/location/virginia/): Virginia home buying math: who pays recordation and grantor taxes, $3,060/mo on the median home, property tax and Virginia Housing’s Plus loan.
- [Washington, DC housing market: renting vs owning in the capital](https://mail.mortgage-math-us.com/location/washington-dc/): Washington, DC buyers: a $733,400 median home vs $1,931 median rent, the monthly cost of owning, loan limits and what closing taxes add.
- [Washington State home buying: prices, the graduated REET and WSHFC help](https://mail.mortgage-math-us.com/location/washington/): Washington mortgage numbers: a $602,200 median home, what a median income buys, the graduated real estate excise tax and WSHFC down payment help.
- [West Virginia home buying: prices, property taxes and WVHDF loans](https://mail.mortgage-math-us.com/location/west-virginia/): West Virginia mortgage numbers: a $170,800 median home at about $1,268/mo, the transfer tax, homestead exemption and WVHDF’s Low Down Home Loan.
- [Wisconsin home buying: property tax, WHEDA loans and closing costs](https://mail.mortgage-math-us.com/location/wisconsin/): Wisconsin mortgage numbers: a 1.25% effective property tax on a $294,700 median home, the seller-paid transfer fee and WHEDA Easy Close help.
- [Buying a home in Wyoming: closing costs, property tax and WCDA help](https://mail.mortgage-math-us.com/location/wyoming/): Wyoming mortgage numbers: about $2,535/mo on the $339,500 median home, no state transfer tax, a 0.57% tax rate and WCDA down payment help.

## Articles

- [15-year vs 30-year mortgage: what the shorter term really costs and saves](https://mail.mortgage-math-us.com/blog/15-year-vs-30-year-mortgage/): 15-year vs 30-year mortgages at today’s rates: monthly payment, total interest, equity, the extra-payment middle path and the price you qualify for.
- [ARM risks explained, with the numbers](https://mail.mortgage-math-us.com/blog/arm-risks-explained/): The real risks of an adjustable-rate mortgage: payment shock under 5/6 and 7/6 caps, a rate-path stress test, the margin, refinancing and qualifying.
- [Biweekly mortgage payments: do they save money?](https://mail.mortgage-math-us.com/blog/biweekly-mortgage-payments/): Biweekly payments add a 13th payment each year. See what that saves at today’s rate, two simpler ways to get the same result, and fees to avoid.
- [Second home vs investment property: how the mortgage changes](https://mail.mortgage-math-us.com/blog/buying-a-second-home-or-rental/): How lenders tell a second home from a rental, and what that does to your down payment, reserves, rental income, rate and taxes.
- [Buying a home with a co-signer](https://mail.mortgage-math-us.com/blog/buying-with-a-co-signer/): Co-signer, non-occupant co-borrower or co-owner: Fannie Mae’s limits, how their income and debts change your DTI, what they owe and how they get off.
- [Down-payment assistance programs: how the states compare](https://mail.mortgage-math-us.com/blog/down-payment-assistance-programs/): State down-payment assistance side by side: typical amounts, percentage caps, forgivable vs repayable help, credit-score minimums and income limits.
- [Escrow accounts explained: how the money moves, and why your payment changes](https://mail.mortgage-math-us.com/blog/escrow-accounts/): How a mortgage escrow account works month by month, the two-month cushion, the annual analysis, and what happens with a shortage, deficiency or surplus.
- [FHA vs conventional: which costs less over 5 and 10 years?](https://mail.mortgage-math-us.com/blog/fha-vs-conventional/): FHA or conventional? We total the upfront premium, MIP, PMI and interest at 3.5%, 5% and 10% down over 5 and 10 years, and show where credit tips it.
- [Homeowners insurance and your mortgage](https://mail.mortgage-math-us.com/blog/homeowners-insurance-and-your-mortgage/): What lenders require you to insure, what the premium adds to your payment, how escrow handles it, flood zones, force-placed rules and rising premiums.
- [How a mortgage rate lock works](https://mail.mortgage-math-us.com/blog/how-a-rate-lock-works/): What a rate lock covers, how long to lock, what can still change your rate, how locks tie into Loan Estimate timing, and what a rate move costs.
- [How lenders calculate debt-to-income, line by line](https://mail.mortgage-math-us.com/blog/how-lenders-calculate-debt-to-income/): The income lenders count — salary, hourly, overtime, rent — and the debts they add, worked through a full two-borrower DTI worksheet with real rules.
- [How much house can I afford on $100,000 a year?](https://mail.mortgage-math-us.com/blog/how-much-house-can-i-afford-on-100k/): A $100,000 household with a car loan and student debt: the home price at the 36%, 45% and 50% DTI limits, 5% vs 10% down, and FHA vs conventional.
- [How much house can I afford on $150,000 a year?](https://mail.mortgage-math-us.com/blog/how-much-house-can-i-afford-on-150k/): On $150,000 a year, see the price 20% down buys at today’s rate, which big-city medians it reaches, and when a home needs a jumbo loan.
- [How much house can I afford on $50,000 a year?](https://mail.mortgage-math-us.com/blog/how-much-house-can-i-afford-on-50k/): On a $50,000 salary, see the home price FHA, 3%-down conventional, USDA and VA loans support at today’s rate, and how debts and assistance change it.
- [How much house can I afford on $75,000 a year?](https://mail.mortgage-math-us.com/blog/how-much-house-can-i-afford-on-75k/): On a $75,000 salary, see the home price your income supports at today’s rates under three debt-to-income limits, with taxes, insurance and PMI counted.
- [How property taxes change your mortgage payment](https://mail.mortgage-math-us.com/blog/how-property-taxes-change-your-payment/): Property tax on the median home in every state, the share of the payment it takes, why the bill can jump after you buy, and how escrow catches up.
- [How to lower your closing costs](https://mail.mortgage-math-us.com/blog/how-to-lower-closing-costs/): Five ways to cut what you pay at closing — shopping services, lender credits, seller concessions, the closing date and assistance — with the numbers.
- [How to pay for a home renovation](https://mail.mortgage-math-us.com/blog/how-to-pay-for-a-home-renovation/): HELOC, home equity loan, cash-out refinance, FHA 203(k), Fannie Mae HomeStyle or savings: the cost of one $60,000 project each way, and who each suits.
- [Is refinancing worth it? Start with what you want it to do](https://mail.mortgage-math-us.com/blog/is-refinancing-worth-it/): Refinancing to cut the rate, drop FHA insurance, shorten the term or take cash out: each goal has its own test, worked out at today’s rates.
- [Getting a mortgage after bankruptcy or foreclosure](https://mail.mortgage-math-us.com/blog/mortgage-after-bankruptcy-or-foreclosure/): Waiting periods for Fannie Mae, VA and USDA loans after Chapter 7, Chapter 13, foreclosure or a short sale, the exceptions, and what to do meanwhile.
- [Getting a mortgage when you’re self-employed](https://mail.mortgage-math-us.com/blog/mortgages-for-the-self-employed/): How lenders turn two years of self-employed tax returns into qualifying income, when one year can work, what falling income does, and the non-QM options.
- [Points or a bigger down payment: where extra cash at closing saves more](https://mail.mortgage-math-us.com/blog/points-or-bigger-down-payment/): Extra cash at closing? Compare discount points, a bigger down payment and keeping reserves over 3, 5, 7 and 10 years, with and without PMI.
- [Pre-approval vs pre-qualification: which one do you need, and when?](https://mail.mortgage-math-us.com/blog/pre-approval-vs-pre-qualification/): When a pre-qualification is enough, when you need a pre-approval, what sellers expect, and a dated timeline from first estimate to closing day.
- [Reverse mortgage pros and cons](https://mail.mortgage-math-us.com/blog/reverse-mortgage-pros-and-cons/): The real trade-offs of a HECM reverse mortgage: no monthly payment against a growing balance, three worked scenarios, what heirs face and the alternatives.
- [Can you use a VA loan twice?](https://mail.mortgage-math-us.com/blog/using-a-va-loan-twice/): Yes. How VA entitlement is restored, how to hold two VA loans at once, how the county limit caps your zero-down loan, and the second-use funding fee.

## Glossary

- [Ability-to-repay rule](https://mail.mortgage-math-us.com/glossary/ability-to-repay/): The ability-to-repay rule makes most mortgage lenders verify in good faith that you can afford the loan. The eight factors and which loans are exempt.
- [Adjustable-rate mortgage (ARM)](https://mail.mortgage-math-us.com/glossary/adjustable-rate-mortgage/): An adjustable-rate mortgage has a rate fixed for a few years, then resets with an index plus a margin, within caps. How ARM names work, with an example.
- [Amortization](https://mail.mortgage-math-us.com/glossary/amortization/): Amortization is how a fixed mortgage payment pays off a loan: mostly interest at first, mostly principal later. Definition and worked example.
- [Appraisal](https://mail.mortgage-math-us.com/glossary/appraisal/): An appraisal is an independent opinion of a home’s value that a lender uses to size the loan. What it covers, your right to a copy and low-value options.
- [Annual percentage rate (APR)](https://mail.mortgage-math-us.com/glossary/apr/): APR is the yearly cost of a mortgage including the interest rate plus points and lender fees. How it differs from the rate, with a worked example.
- [Index (ARM)](https://mail.mortgage-math-us.com/glossary/arm-index/): An ARM index is the market benchmark rate an adjustable mortgage follows. The new rate is the index plus a fixed margin, held in check by rate caps.
- [Margin (ARM)](https://mail.mortgage-math-us.com/glossary/arm-margin/): An ARM margin is the fixed number of percentage points added to the index to set your adjustable rate. It never changes, so compare it before you sign.
- [Assumable mortgage](https://mail.mortgage-math-us.com/glossary/assumable-mortgage/): An assumable mortgage is one a buyer can take over from the seller, keeping its rate and balance. Which loans qualify, the approval step and the cash gap.
- [Automated underwriting](https://mail.mortgage-math-us.com/glossary/automated-underwriting/): Automated underwriting is software that weighs your credit, income, debts and assets against an agency’s risk model and gives a recommendation in minutes.
- [Balloon payment](https://mail.mortgage-math-us.com/glossary/balloon-payment/): A balloon payment is a large lump sum due at the end of a loan whose regular payments didn’t pay it off. How it is built, the risks and the rules.
- [Break-even point](https://mail.mortgage-math-us.com/glossary/break-even-point/): The break-even point is how many months of lower payments it takes to recover a refinance’s closing costs. The formula, an example and its limits.
- [Cash-out refinance](https://mail.mortgage-math-us.com/glossary/cash-out-refinance/): A cash-out refinance replaces your mortgage with a bigger loan and pays you the difference in cash. Maximum loan-to-value by loan type, with an example.
- [Cash to close](https://mail.mortgage-math-us.com/glossary/cash-to-close/): Cash to close is the amount you bring to closing: down payment plus closing costs, minus your deposit and any credits. How the number is built.
- [Closing costs](https://mail.mortgage-math-us.com/glossary/closing-costs/): Closing costs are the lender fees, third-party charges, government taxes and prepaid items you pay to complete a mortgage, on top of the down payment.
- [Closing Disclosure](https://mail.mortgage-math-us.com/glossary/closing-disclosure/): The Closing Disclosure is the five-page form with your final mortgage terms and closing costs, sent before closing so you can check them.
- [Closing (settlement)](https://mail.mortgage-math-us.com/glossary/closing/): Closing, or settlement, is the last step in buying or refinancing a home: you sign the loan papers, pay closing costs and take ownership. What to expect.
- [Combined loan-to-value (CLTV)](https://mail.mortgage-math-us.com/glossary/combined-loan-to-value/): Combined loan-to-value (CLTV) adds every loan secured by a home and divides by its value. How CLTV differs from LTV and HCLTV, with a HELOC example.
- [Conforming loan limit](https://mail.mortgage-math-us.com/glossary/conforming-loan-limit/): The conforming loan limit is the largest mortgage Fannie Mae and Freddie Mac may buy. The 2026 baseline and high-cost figures and how FHFA updates them.
- [Conforming loan](https://mail.mortgage-math-us.com/glossary/conforming-loan/): A conforming loan meets Fannie Mae or Freddie Mac rules and stays within the FHFA loan limit, so either can buy it. The two tests and a price example.
- [Contingency](https://mail.mortgage-math-us.com/glossary/contingency/): A contingency is a condition in a home purchase contract that must be met for the sale to close, such as financing, appraisal or inspection approval.
- [Conventional loan](https://mail.mortgage-math-us.com/glossary/conventional-loan/): A conventional loan is a mortgage with no FHA, VA or USDA insurance or guarantee. What that means for your down payment, PMI and loan limits.
- [Credit score](https://mail.mortgage-math-us.com/glossary/credit-score/): A credit score predicts how likely you are to repay a loan on time. The minimum scores for FHA and conventional mortgages and how rate shopping affects it.
- [Debt-to-income ratio (DTI)](https://mail.mortgage-math-us.com/glossary/debt-to-income-ratio/): Debt-to-income ratio is your monthly debt payments divided by gross monthly income. How lenders calculate it and the limits for each loan type.
- [Deed of trust](https://mail.mortgage-math-us.com/glossary/deed-of-trust/): A deed of trust secures a home loan by giving a neutral trustee the power to sell the property if you default. How it differs from a mortgage document.
- [Discount points](https://mail.mortgage-math-us.com/glossary/discount-points/): Discount points are fees paid to the lender at closing to lower your mortgage rate. What one point costs, where it appears and how to find the break-even.
- [Down-payment assistance](https://mail.mortgage-math-us.com/glossary/down-payment-assistance/): Down-payment assistance is help from state, local or nonprofit programs with a down payment or closing costs, as a grant or a deferred or forgivable loan.
- [Down payment](https://mail.mortgage-math-us.com/glossary/down-payment/): A down payment is the part of the price you pay upfront in cash; the mortgage covers the rest. Minimums for VA, USDA, conventional and FHA loans.
- [Draw period](https://mail.mortgage-math-us.com/glossary/draw-period/): The draw period is when you can borrow from a HELOC, often paying only interest. What happens to your payment when it ends, with a worked example.
- [DSCR loan](https://mail.mortgage-math-us.com/glossary/dscr-loan/): A DSCR loan qualifies a rental property on its rent divided by the full monthly payment, not your income. The ratio, an example and the caveats.
- [Due-on-sale clause](https://mail.mortgage-math-us.com/glossary/due-on-sale-clause/): A due-on-sale clause lets a lender demand full repayment if the home is sold or transferred without consent. What it covers and the transfers it can’t.
- [Earnest money](https://mail.mortgage-math-us.com/glossary/earnest-money/): Earnest money is the deposit you pay when you sign a purchase contract. Who holds it, when it’s refunded, when you can lose it and how it’s credited.
- [Escrow account](https://mail.mortgage-math-us.com/glossary/escrow-account/): A mortgage escrow account collects part of each payment to pay property taxes and insurance. What it holds, the cushion limit and the yearly analysis.
- [Fannie Mae and Freddie Mac](https://mail.mortgage-math-us.com/glossary/fannie-mae-and-freddie-mac/): Fannie Mae and Freddie Mac are congressionally chartered companies that buy mortgages from lenders. What they do, why conforming loans follow their rules.
- [FHA loan](https://mail.mortgage-math-us.com/glossary/fha-loan/): An FHA loan is a mortgage from a private lender insured by the Federal Housing Administration. Minimum down payment, credit score, MIP and loan limits.
- [First-time homebuyer](https://mail.mortgage-math-us.com/glossary/first-time-homebuyer/): For most programs a first-time homebuyer is someone with no recent home ownership, not just someone who has never owned. Definitions compared by program.
- [Fixed-rate mortgage](https://mail.mortgage-math-us.com/glossary/fixed-rate-mortgage/): A fixed-rate mortgage keeps the same interest rate for the whole loan, so principal and interest never change. What still can, with an example.
- [Flood insurance](https://mail.mortgage-math-us.com/glossary/flood-insurance/): Flood insurance covers flood damage that homeowners policies exclude. When a mortgage requires it, NFIP coverage limits and the usual waiting period.
- [Forbearance](https://mail.mortgage-math-us.com/glossary/forbearance/): Mortgage forbearance lets you pause or reduce payments for a limited time. You still owe the full amount. How the skipped payments are repaid afterward.
- [Foreclosure](https://mail.mortgage-math-us.com/glossary/foreclosure/): Foreclosure is the legal process a lender uses to take and sell a home after missed payments. The federal timeline, state processes and what comes after.
- [Gift letter](https://mail.mortgage-math-us.com/glossary/gift-letter/): A gift letter is a signed statement from a donor confirming money for your home purchase is a gift, not a loan. What it must include and who can give.
- [HELOC](https://mail.mortgage-math-us.com/glossary/heloc/): A HELOC is a revolving credit line secured by your home, usually at a variable rate tied to the prime rate, with a draw period and then a repayment period.
- [HOA dues](https://mail.mortgage-math-us.com/glossary/hoa-dues/): HOA dues are fees a homeowners association charges to maintain shared property. They’re paid separately but count when you qualify. Example and checks.
- [Home equity loan](https://mail.mortgage-math-us.com/glossary/home-equity-loan/): A home equity loan is a lump-sum second mortgage, usually at a fixed rate with equal monthly payments. How it differs from a HELOC, with a worked example.
- [Home equity](https://mail.mortgage-math-us.com/glossary/home-equity/): Home equity is your home’s current market value minus everything you owe against it. How to calculate it, how it grows and how much you can borrow.
- [Home inspection](https://mail.mortgage-math-us.com/glossary/home-inspection/): A home inspection is a review of a home’s physical condition by an inspector you hire before closing. How it differs from an appraisal and how to use it.
- [Home Possible](https://mail.mortgage-math-us.com/glossary/home-possible/): Home Possible is Freddie Mac’s conventional mortgage for buyers earning up to a set share of area median income, with a very small down payment.
- [Homeowners insurance](https://mail.mortgage-math-us.com/glossary/homeowners-insurance/): Homeowners insurance pays for damage to your home and belongings and covers liability. Why lenders require it, what it costs and what it leaves out.
- [HomeReady](https://mail.mortgage-math-us.com/glossary/homeready/): HomeReady is a Fannie Mae conventional loan for low- to moderate-income buyers, with a small down payment and an income cap tied to area median income.
- [Homestead exemption](https://mail.mortgage-math-us.com/glossary/homestead-exemption/): A homestead exemption cuts the taxable value or tax bill on the home you own and live in. How it works, examples from Texas and Florida, and how to apply.
- [Housing ratio (front-end ratio)](https://mail.mortgage-math-us.com/glossary/housing-ratio/): The housing ratio, or front-end ratio, is your full monthly housing payment divided by gross monthly income. Which loans use it and how to work it out.
- [Interest-only loan](https://mail.mortgage-math-us.com/glossary/interest-only-loan/): An interest-only loan lets you pay only interest for a set period, so the balance doesn’t fall. What happens to the payment afterward, with an example.
- [Interest rate](https://mail.mortgage-math-us.com/glossary/interest-rate/): A mortgage interest rate is the yearly cost of borrowing as a percentage of what you owe. How the monthly charge is figured and what moves your rate.
- [IRRRL (VA streamline)](https://mail.mortgage-math-us.com/glossary/irrrl/): An IRRRL is the VA’s streamline refinance: a new VA loan replacing your current one at a lower rate, with rate, seasoning and recoupment rules set by law.
- [Jumbo loan](https://mail.mortgage-math-us.com/glossary/jumbo-loan/): A jumbo loan is a mortgage larger than the FHFA conforming loan limit, so Fannie Mae and Freddie Mac can’t buy it. The 2026 threshold and what changes.
- [Lender credit](https://mail.mortgage-math-us.com/glossary/lender-credit/): A lender credit pays part of your closing costs in exchange for a higher interest rate. Where it shows on the Loan Estimate and when it pays off.
- [Lien](https://mail.mortgage-math-us.com/glossary/lien/): A lien is a legal claim against property that secures a debt. How mortgage, tax and judgment liens work, why priority matters and how a lien is released.
- [Loan Estimate](https://mail.mortgage-math-us.com/glossary/loan-estimate/): A Loan Estimate is the standard form a lender must send after you apply for a mortgage, showing the rate, payment and closing costs. Timing and tolerances.
- [Loan modification](https://mail.mortgage-math-us.com/glossary/loan-modification/): A loan modification permanently changes your mortgage terms, such as the rate or term, to make the payment affordable. How it works and federal timelines.
- [Loan term](https://mail.mortgage-math-us.com/glossary/loan-term/): The loan term is how long you have to repay a mortgage, usually 15 or 30 years. How the term changes your payment, your rate and total interest.
- [Loan-to-value ratio (LTV)](https://mail.mortgage-math-us.com/glossary/loan-to-value-ratio/): Loan-to-value ratio compares your loan amount with the home’s value. How to calculate LTV and why it decides mortgage insurance, pricing and limits.
- [Manual underwriting](https://mail.mortgage-math-us.com/glossary/manual-underwriting/): Manual underwriting is a loan review by a human underwriter using the program’s written rules, not an automated approval. When it’s used and its limits.
- [Mortgage credit certificate (MCC)](https://mail.mortgage-math-us.com/glossary/mortgage-credit-certificate/): A mortgage credit certificate, issued by a state or local housing agency, turns part of the mortgage interest you pay each year into a federal tax credit.
- [Mortgage insurance premium (MIP)](https://mail.mortgage-math-us.com/glossary/mortgage-insurance-premium/): MIP is FHA mortgage insurance: an upfront premium plus an annual premium paid monthly. Current rates, how long it lasts and how it differs from PMI.
- [Mortgage recording tax](https://mail.mortgage-math-us.com/glossary/mortgage-recording-tax/): A mortgage recording tax is a state tax on the amount you borrow, collected when the mortgage is recorded. Which states charge it and what it costs.
- [Mortgage servicer](https://mail.mortgage-math-us.com/glossary/mortgage-servicer/): A mortgage servicer collects your payments, runs your escrow account and handles loan problems. How it differs from the lender, and what a transfer means.
- [Non-QM loan](https://mail.mortgage-math-us.com/glossary/non-qm-loan/): A non-QM loan is a mortgage that doesn’t meet the Qualified Mortgage rules, such as a bank-statement or interest-only loan. Who uses them and why.
- [Origination fee](https://mail.mortgage-math-us.com/glossary/origination-fee/): An origination fee is the lender’s charge for processing, underwriting and funding your mortgage. Where it appears on the Loan Estimate and its limits.
- [PITI](https://mail.mortgage-math-us.com/glossary/piti/): PITI stands for principal, interest, taxes and insurance — the four basic parts of a monthly mortgage payment. A worked example and how lenders use it.
- [Primary Mortgage Market Survey (PMMS)](https://mail.mortgage-math-us.com/glossary/pmms/): The PMMS is Freddie Mac’s weekly average of 30-year and 15-year fixed mortgage rates. What loans it measures, when it’s published and how to read it.
- [Pre-approval](https://mail.mortgage-math-us.com/glossary/pre-approval/): A pre-approval is a lender’s letter saying you’re likely to qualify up to a set amount, usually after checking credit and documents. What it is and isn’t.
- [Pre-qualification](https://mail.mortgage-math-us.com/glossary/pre-qualification/): Pre-qualification is a lender’s early estimate of how much you could borrow, often from figures you report. How it differs from a pre-approval.
- [Prepaid items](https://mail.mortgage-math-us.com/glossary/prepaid-items/): Prepaid items are costs paid at closing before they’re due: daily interest to month-end, homeowners insurance and sometimes property taxes.
- [Prepayment penalty](https://mail.mortgage-math-us.com/glossary/prepayment-penalty/): A prepayment penalty is a fee for paying off a mortgage early, usually by selling or refinancing in the first years. Federal limits and where to check.
- [Prime rate](https://mail.mortgage-math-us.com/glossary/prime-rate/): The prime rate is the base lending rate posted by most large US banks. Where it comes from, how it moves and how it sets the rate on many HELOCs.
- [Principal](https://mail.mortgage-math-us.com/glossary/principal/): Principal is the amount you borrowed and still owe on a mortgage, separate from interest. How it is set, how it falls, and how extra payments cut it.
- [Private mortgage insurance (PMI)](https://mail.mortgage-math-us.com/glossary/private-mortgage-insurance/): PMI is insurance a conventional lender requires when you put down less than 20%. It protects the lender. What it costs and when you can drop it.
- [Promissory note](https://mail.mortgage-math-us.com/glossary/promissory-note/): A promissory note is the document you sign at closing promising to repay the mortgage on stated terms. How it differs from the mortgage or deed of trust.
- [Property tax](https://mail.mortgage-math-us.com/glossary/property-tax/): Property tax is a local tax on real estate based on its assessed value, usually paid through mortgage escrow. How the bill is figured and how rates vary.
- [Qualified Mortgage (QM)](https://mail.mortgage-math-us.com/glossary/qualified-mortgage/): A Qualified Mortgage meets CFPB rules that bar risky features and cap points and fees, giving the lender legal protection under the ability-to-repay rule.
- [Rate-and-term refinance](https://mail.mortgage-math-us.com/glossary/rate-and-term-refinance/): A rate-and-term refinance changes your mortgage rate or term without taking equity out. What the new loan may pay off and how much cash back is allowed.
- [Rate caps](https://mail.mortgage-math-us.com/glossary/rate-caps/): Rate caps limit how far an adjustable mortgage rate can move at the first reset, at each later reset and over the life of the loan. Worst-case example.
- [Rate lock](https://mail.mortgage-math-us.com/glossary/rate-lock/): A rate lock means your mortgage rate won’t change between the offer and closing, if you close in time. Typical lock periods, costs and what can break it.
- [Mortgage recast](https://mail.mortgage-math-us.com/glossary/recast/): A mortgage recast re-amortizes your loan after a large principal payment, lowering the monthly payment while the rate and payoff date stay the same.
- [Recording fee](https://mail.mortgage-math-us.com/glossary/recording-fee/): A recording fee is the government charge to record your deed and mortgage in the public land records. Where it appears and how much it can change.
- [Refinance](https://mail.mortgage-math-us.com/glossary/refinance/): To refinance is to pay off your mortgage with a new loan, usually to lower the rate, change the term or take cash out. The main types and what they cost.
- [Reserves](https://mail.mortgage-math-us.com/glossary/reserves/): Reserves are the savings you still have after closing, counted in months of your new mortgage payment. What counts and the Fannie Mae minimums.
- [Residual income](https://mail.mortgage-math-us.com/glossary/residual-income/): Residual income is the money left each month after housing costs, debts and taxes. How VA loans use it alongside DTI, with the family-of-four minimums.
- [Reverse mortgage (HECM)](https://mail.mortgage-math-us.com/glossary/reverse-mortgage/): A reverse mortgage lets older homeowners borrow against home equity with no monthly loan payment; the balance is repaid when they sell, move out or die.
- [Right of rescission](https://mail.mortgage-math-us.com/glossary/right-of-rescission/): The right of rescission lets you cancel a refinance, home equity loan or HELOC on your main home shortly after closing. Who has it and how to use it.
- [Seller concessions](https://mail.mortgage-math-us.com/glossary/seller-concessions/): Seller concessions are costs the seller pays for the buyer, usually closing costs. How much Fannie Mae and VA loans allow and what they can’t cover.
- [Short sale](https://mail.mortgage-math-us.com/glossary/short-sale/): A short sale is selling your home for less than the mortgage balance, with the lender’s approval. How the shortfall is handled and the wait afterward.
- [Streamline refinance](https://mail.mortgage-math-us.com/glossary/streamline-refinance/): A streamline refinance replaces an FHA, VA or USDA loan with a new loan of the same type using reduced credit and income paperwork. Rules and limits.
- [Title insurance](https://mail.mortgage-math-us.com/glossary/title-insurance/): Title insurance covers losses from title problems that predate your purchase, like old liens or ownership claims. Lender’s vs owner’s policies explained.
- [Transfer tax](https://mail.mortgage-math-us.com/glossary/transfer-tax/): A transfer tax is a state or local tax on the sale of real estate, based on the price and paid when the deed is recorded. Rates and payers by state.
- [Underwriting](https://mail.mortgage-math-us.com/glossary/underwriting/): Underwriting is the lender’s review of your income, assets, debts, credit and the home to decide whether to approve the mortgage and on what terms.
- [Upfront mortgage insurance premium (UFMIP)](https://mail.mortgage-math-us.com/glossary/upfront-mortgage-insurance-premium/): UFMIP is FHA’s one-time mortgage insurance charge, a share of the base loan paid at closing or financed. How much it adds and when part is refunded.
- [USDA loan](https://mail.mortgage-math-us.com/glossary/usda-loan/): A USDA loan is a mortgage guaranteed by USDA Rural Development for moderate-income buyers in eligible rural areas, with no down payment required.
- [VA entitlement](https://mail.mortgage-math-us.com/glossary/va-entitlement/): VA entitlement is the amount the VA will guarantee to your lender. How full and remaining entitlement work and when you need a down payment.
- [VA funding fee](https://mail.mortgage-math-us.com/glossary/va-funding-fee/): The VA funding fee is a one-time charge on most VA-backed loans, set by loan type, down payment and prior use. Current rates and who is exempt.
- [VA loan](https://mail.mortgage-math-us.com/glossary/va-loan/): A VA loan is a mortgage from a private lender guaranteed by the Department of Veterans Affairs, often with no down payment or monthly mortgage insurance.

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