Gross Income (Yearly) Enter the total gross income per year (before taxes and deductions). For joint applicants this is your total combined gross annual income. Interest Rate This is the estimated interest rate that you expect to get for your mortgage. If you are not sure, you may leave the default value, or get an estimated rate by checking the posted rates at a local bank or mortgage firm. Amortization Period The number of years over which you will repay this loan. The majority of home mortgage loans are based on 25 years. Heating Cost (Yearly) The average cost of heating the home per year. This can be estimated based on the location and type of home, as well as the type of heating provided in the home. Property Tax (Yearly) The estimated cost of property taxes for per year, based on the size, type and location of home that you are looking for. Monthly Condo Fee If applicable, this is the monthly cost of the condo fees. Monthly Credit/Loan Payments Monthly credit / loan payments include payments for student loans, car loans, mandatory child support, alimony and credit card payments for which you carry a balance. Do not include your current housing expenses such as rent or mortgage payments. Down Payment The amount that you are willing to put down as down payment for the home. You may either enter a dollar value, if you have a set amount that you can put down, or choose a percentage. Close