Buyers Financial Tools
Mortgage Payment Estimator - Conventional Payment
By entering a mortgage amount, interest, and term, a mortgage payment is easily determined. If the taxes and insurance are known, the full payment, principal, interest, taxes and insurance is determined. Private mortgage insurance will be added if the loan-to-value is in excess of 80%.
- FHA Payment
By entering a mortgage amount, interest, and term, a mortgage payment is easily determined will include the MIP. If the taxes and insurance are known, the full payment, principal, interest, taxes and insurance is determined. - VA Payment
By entering a mortgage amount, interest, and term, a mortgage payment is easily determined. If the taxes and insurance are known, the full payment, principal, interest, taxes and insurance is determined.
This shows a buyer the advantages of tax savings, appreciation, and principal reduction to lower the cost of owning a home.
This calculates the maximum mortgage amount based on qualifying ratios for a particular type of loan. Other factors not considered in this form determine whether a person qualifies for a loan that are not considered in this form such as credit score, references, length of credit, ability to repay, and the property’s ability to secure the loan.
This calculates the tax advantages and investment potential of homeownership while taking into consideration the standard deduction that a person is entitled regardless of owning a home. This analysis assumes that the home is purchased on January 1 so that a full year’s interest and property taxes are deductible.
This calculates the interest and time savings by applying additional principal contributions each payment.
This will compare an adjustable rate mortgage against a fixed rate mortgage to determine when the savings from the ARM will be exhausted in an effort to help the buyer determine the mortgage that will provide the least cost of housing. It assumes that the rate will adjust the maximum amount at each possible period.
Buyer’s Closing Costs Worksheet
This is to serve as a preliminary estimate of the amount of cash you’ll need for the down payment and typical closing costs in general.
This shows a buyer what can happen to the payment if while they are waiting for the price of the home to come down, the interest rate were to go up.
This compares the future value of the amount of money necessary for the down payment on a home using three possible alternatives: a certificate of deposit, a stock investment, and purchasing the home. The comparison involves different amounts of risk that are not measured in the example.
This calculates the increased payment required that a rise in interest rate could cause.
This is a powerful calculation that shows a buyer the monthly and daily cost of a slightly higher mortgage. The increased monthly payment may be insignificant to the overall purchase of the home that the buyer wants.
This shows the correlation in interest to price. It demonstrates that a .5% change in the rate is approximately equal to a 5% change in price.
Choosing between two loans with different interest rates can be difficult when there are other factors such as a different amount of points. This calculation develops a yield based on rate, points, and holding period to indicate which loan will have lower cost of housing.
