- Annual income
- Your annual income before taxes. For married
couples this is your total combined annual income before taxes.
- Purchase price
- The price of the home you wish to purchase.
This is the actual price you'll pay, not including any closing costs.
- Total monthly payment
- Total monthly payment that you can qualify
for. This is the total of principal, interest, taxes and insurance
paid each month. Often called PITI.
- Cash on hand
- Cash you have for the down payment and all
closing costs.
- Interest rate
- The current annual interest rate you can receive
on your mortgage.
- Term in years
- The number of years over which you will repay
this loan. The most common mortgage terms are 15 years and 30 years.
- 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.
- Monthly car payment(s)
- Total monthly payment for your car loan(s).
- Credit card payments
- Total monthly minimum payments for your credit
cards.
- Other loan payments
- Any other installment loan payments, such
as student loans or unsecured loans.
- Total closing costs
- Total upfront costs to close your loan. This
is the total of your loan origination fee, points paid and other closing
costs.
- Loan origination rate
- The percentage the lending institution charges
for its origination fee. 1% for a $100,000 home equals $1,000.
- Number of 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
miscellaneous fees paid.
- Monthly PMI payment
- 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. Monthly PMI is calculated
by multiplying your starting loan balance by this percent and dividing
by 12. When the equity in your home exceeds the percentage required
for PMI, your PMI payment drops to zero. Please note that this is
only an estimate of your actual PMI. The amount you may be required
to pay may be higher or lower than our estimate.
- Monthly PI payment
- Monthly principal and interest payment.
- Total for down payment
- Total funds remaining, after closing costs,
for down payment.
- Limit down payment
- Limit your down payment to percentage required
to eliminate the need for PMI payments. Even if you have more cash
on hand than required for closing costs checking this box will limit
your down payment to the minimum amount required to forego PMI.
- Show schedule by month
- Display the payment schedule by month when
you press the "View Report" button.
- Show schedule by year
- Display the payment schedule by year when
you press the "View Report" button.
- Total annual income debt percentage
- Not shown. This is the percentage of your
annual income your financial institution allows you to use for debt
installment payments. This includes car payments, credit card payments,
other loan payments and your "Principal, Interest, Tax and Insurance"
payment for your home. The default rate is 36%.
- PITI annual income percentage
- Not shown. This is the percentage of your
annual income your financial institution allows you to use for your
"Principal, Interest, Tax and Insurance" payment for your home. The
default rate is 28%.
- Qualify amount
- Shown as "Total monthly payment." This is
the total amount you qualify for per month. This amount is the total
of "Principal, Interest, Tax and Insurance" for your home.
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