Instructions for using the mortgage calculator
Home Value = The amount you are purchasing the home for.
Loan Amount = The amount you will finance (home value - down payment).
Interest Rate = This number will vary, speak with your real estate agent or lender for an accurate rate.
Loan Term = The number of years you will be financing the loan (usually 15 or 30 years).
Property Tax = Contact the Calcasieu Parish Assessor, agent or lender.
PMI = When your down payment is less than 20%, you usually have to pay for Mortgage Insurance, (PMI). This protects the lender in case you don't make your house payments, they repossess your house, and they have to sell it for less than the amount left on the loan.