- 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
- 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
- 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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