Price of home: |
|
Purchase price of the home you wish to buy. |
Cash on hand: |
|
Cash you have for the down payment and closing costs. |
Interest rate: |
|
The current interest rate you can receive on your mortgage. |
Term in years: |
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The number of years over which you will repay this loan. |
Property tax rate: |
|
Your property tax rate. 1% for a $100,000 home equals $1,000 per
year in property taxes. |
Home insurance rate: |
|
Your homeowner's insurance rate. 0.5% for a $100,000 home equals
$500 per year for homeowner's insurance. |
Loan origination rate: |
|
The percentage the lending institution charges for its origination
fee. 1% for a $100,000 home equals $1,000. |
Points paid: |
|
The total number of points paid to reduce the interest rate of your
mortgage. Each point costs 1% of your mortgage balance. |
Other closing costs: |
|
Estimate of all other closing costs for this loan. This should include
filing fees, appraiser fees and any other misc. fees paid. |
Total closing costs: |
|
Total up front costs to close your loan. This is the sum of the loan
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: |
|
Annual percentage return you would receive if you invested your closing
costs and down payment instead of purchasing a home. |
Monthly rent payment: |
|
Amount you currently pay for rent per month. |
Income tax rate: |
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Your current marginal income tax rate. |
Expected inflation rate: |
|
Inflation rate used to adjust amounts subject to annual increases.
This includes rent, insurance and tax payments. |
Home appreciates at: |
|
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 principal, interest, taxes and insurance paid per month
for your home. Insurance includes PMI and homeowner. |
Principal payment: |
|
Total of principal 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 principal
payment. |
Net home price: |
|
Net selling price of your home after subtracting any sales commissions. |
Monthly PI: |
|
Monthly principal and interest payment. |
Monthly PMI: |
|
Monthly cost of Principal Mortgage Insurance (PMI). For loans secured
with less than 20% down, PMI is estimated at 0.5% of your loan balance
each year.
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