Mortgage Learning Center – Home Loans – Redwood Credit Union (2024)

Property Tax Rate

The tax that you are required to pay as a property owner levied by the city or municipality. Lookup your county rate or state average rate for a more accurate calculation.

Homeowners Insurance (Monthly)

The standard insurance policy that covers damage to your property and the things you keep in it. The average annual homeowners insurance premium is around $1,200.

HOA Fees (Monthly)

These are dues that are used by a homeowners association toward maintenance of common areas used by all homeowners in a housing development or complex.

Private Mortgage Insurance Rate

The premium for the insurance policy for FHA loans and conventional mortgages if your down payment is less than 20%. PMI typically costs between 0.5% to 1% of the entire loan amount on an annual basis. Only calculated if down payment is less than 20% of mortgage amount.

Disclosure

This calculation represents an estimate. Calculation does not factor credit score. Default input values are estimates.

First Mortgage Rates

Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:

• PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
• RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
• Your correct deadline will be reflected in your online banking account.

If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.