Price of home: It is the Purchase price of the home you wish to buy.

Cash on hand: This is the amount you have which is used for down payment and closing costs.

Interest rate: The current interest rate applicable on the mortgage loan.

Term in years: The number of years for which you have to pay the regular monthly payments or the number of years in which you have to repay the loan. The term is generally fixed at the beginning but you have always the option open to repay it before the actual term.

Property tax rate: Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.

Home insurance rate: The home insurance rate which is applicable on the home insurance. For a $100,000 home it is 0.5% which comes out to be $500.

Loan origination rate: The origination fees charged by the lending institution. Suppose the rate is 15 then it will be $1,000 for a $100,000.

Points paid: A way to reduce the interest rate of your mortgage. It is generally 1% of your mortgage balance.

Other closing costs: These are the other charges which the borrower has to pay like filing fees, appraiser fees and other miscellaneous fees.

Total closing costs: Total costs to close your loan. It is generally the sum of origination fee, amount paid for points and other closing costs.

Total for down payment: - Total funds remaining for down payment.

Mortgage amount: Total amount of loan.

Investment return: The annual percentage returns by the investments if you have invested the closing costs and down payment instead of purchasing a home.

Monthly rent payment: The monthly amount you currently pay for rent.

Income tax rate: Your current marginal income tax rate.

Expected inflation rate: Inflation rate used to adjust amounts subject to annual increases. These amounts include rent, insurance and tax payments.

Home appreciation: Annual appreciation you expect in the home you are purchasing.

Future sales commission: The percent of your homes selling price you expect to pay to a broker or real estate agent when you sell your home.

House payment: Total of principle, interest, taxes and insurance (PITI) paid per month for your home. Insurance includes Principle Mortgage Insurance (PMI) and homeowner's insurance.

Principle payment: Total of principle paid per month on your mortgage.

Tax savings: The value of the tax deduction you receive on your mortgage's interest and home's property taxes. For example, if you have $900 in interest and $100 property taxes per month, the value of the tax deduction would be $280. (At a tax rate of 28%).

Net house payment: Your house payment minus the value of the tax deduction and principle payment.

Net home price: Net selling price of your home after subtracting any sales commissions.

Monthly PI: Monthly principle and interest payment.

Monthly PMI: Monthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year.