Home Price($) This is the price quoted by the agent for the home, excluding closing costs and other fees.            Down Payment ($) The down payment is the initial amount you are willing to put down on the property. It usually reflects a combination of savings and ready cash. The typical amount of down payment is between 5% and 20% of the cost of the home.       Mortgage Rate (%) This is the percentage that you are paying each month in order to use the lender's money. Smaller is better. The interest rate is based on the prime rate from the Federal Bank.         Term in Years Term is amount of time required to pay off the loan. A shorter term is better, but may increase the payment amount required. The typical term for a home loan is 30 years.                       Monthly Payment               This calculator provides an estimate of your monthly payment. All calculations are based on principal and interest only. Other fees may apply at time of closing. Discuss all payments with your Cornerstone agent and your lender.

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