Helpful Resources

• 2022 Section 184 Loan Limits by County
• Bureau of Indian Affairs List of Federally Recognized Tribes
• Nationwide Eligibility Map for the Section 184 Native American Loan
• Housing Counseling Services
• Home Purchase Wish List
• Home Preview Rating Checklist

Mortgage Calculator

Figuring out what your monthly house payment will be is an important part of determining how much house you can afford. Your housing expense is likely to be the biggest part of your cost of living. The NativeAmericanLoan.com mortgage calculator lets you estimate your Section 184 mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios to calculate a principal and interest payment. This is commonly called a P&I (principal and interest) payment. To calculate your total monthly housing expense, you will want to add the property taxes, homeowners insurance, and any applicable mortgage insurance to your P&I payment.

Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.

Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.

Property taxes: The annual tax assessed by a local government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due at the end of the year, the loan servicer pays them.

Homeowners insurance: Your policy covers damage and financial losses from fire, tornados, theft, hail storms, and other perils. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it’s due annually.

Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. A primary benefit of the Section 184 loan is that the cost of this mortgage insurance is greatly reduced to decrease the monthly payment of the eligible borrower. Mortgage insurance protects the lender’s interest in the event that a borrower defaults on a mortgage and goes into foreclosure. Once the equity in your property increases, the mortgage insurance can be canceled on a Section 184 Native American Mortgage.