One point is equal to 1% of the loan amount.

Loans are considered small if the gross loan amount is $150,000 or less.

The higher the down payment, the lower the loan amount and payments.

Payments pay off the interest building up each month, plus part of the original loan amount.

This is because the loan amount would seem too high with respect to the value.

Closing costs average 3 to 4 percent of the loan amount.

A point is equal to 1 percent of the total loan amount.

That means you paid almost $7,000 towards the principle, which is your loan amount.

Expect to be charged about 1 percent of the loan amount.

Don't pay points (generally 1% of your loan amount) to get a lower interest rate, either.