Housing Payment/Net Cost and Qualification Calculator
Sales Price
$200,000
Down Payment %
20%
Loan Amount
-
Total Monthly Payment
-
Rate/APR
5.00%
5.15%
Term
Taxes
$3,000
Insurance
-
Condo/Co-op
$0.00
MI Factor
SP/UFMIP
Click to Open Net Cost Screen
Click to Open Qualification Screen
Net Cost Analysis Factors
Adjust your Marginal Tax Bracket
28.00%
Tax Savings on Mortgage Interest
-
Tax Savings on Real Estate Taxes
-
Tax Savings on Condo/Co-op or HOA Fee
Deductible Percentage =
0
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
-
Adjust the expected Rate of Appreciation
3.00%
Net Cost Results
Total Payment
-
Principal
-
Tax Savings
-
Appreciation
-
=
Net Payment
Qualification
Click/tap once to open for input or click/tap on calculator icon to open a calculation screen.
Green = Good, Yellow = Caution, Red = Over typical limits
Income 1
$0
2
$0
3
$0
4
$0
Total
$50,000
=
Income Ratio
Debts 1
$0
2
$0
3
$0
4
$0
Total
$650
=
Debt Ratio
Qualification is not limited to but will include having acceptable income and debt ratios, cash to close, reserves and credit score.
Assets 1
$0
2
$0
3
$0
Total
-
Cash to Close
-
=
+/-
Credit Scores
500
Click to use
2
500
Click to use
3
350
Click to use
4
350
Click to use
Req. Minimum
620
Score Used
500
INCOME CALCULATOR
Close & Enter Total
Annual Totals
Annual Salary
$0
Weekly
$0
X
52
Weeks
=
Bi-Weekly
$0
X
26
Periods
=
Hourly
$0
X
Hours
X
Weeks
=
Other
$0
X
X
=
Income types that must be averaged for two years - Note, if declining from year to year, income may be disallowed towards qualification
Overtime
Bonus
Commission
Net Rental
Other
$0
Full year total from two years ago
$0
Full year total from last year
Average
=
Overtime
Bonus
Commission
Net Rental
Other
$0
Full year total from two years ago
$0
Full year total from last year
Average
=
Overtime
Bonus
Commission
Net Rental
Other
$0
Full year total from two years ago
$0
Full year total from last year
Average
=
Income from interest and/or dividends can be hard to use, however, if allowed, it would typically be averaged for three years
Interest & Dividends
Captial Gains
100% Owned Entity/S.E.
Other
$0
Full year total from three years ago
$0
Full year total from two years ago
$0
Full year total from last year
Average
=
Total Income .........................................
Notes:
DEBT CALCULATOR
Close & Enter Total
Monthly Totals
Automobile loan or lease
$0
Automobile loan or lease
$0
Automobile loan or lease
$0
School Loans
$0
School Loans
$0
School Loans
$0
Credit Cards
$0
Credit Cards
$0
Credit Cards
$0
Credit Cards
$0
Credit Cards
$0
Credit Cards
$0
Other Real Estate
$0
Other Real Estate
$0
Other
$0
Other
$0
Other
$0
Total Monthly Debts =
Notes:
Assets - if required for the transaction, must be "liquid."
Close & Enter Total
Checking
$0
Checking
$0
Savings
$0
Savings
$0
CD / Money Market
$0
CD / Money Market
$0
Other
$0
Other
$0
Gift Funds from Family
$0
Brokerage
$0
@
70%
=
Brokerage
$0
@
70%
=
Brokerage
$0
@
70%
=
Retirement
$0
@
60%
=
Retirement
$0
@
60%
=
Retirement
$0
@
60%
=
Other
$0
Other
$0
Other
$0
Total Assets
(for use of retirement funds, written evidence for terms of liquidation may be required)
Total Cash for Closing and Reserves Required
(from Cash Required Screen)
Over/Under =
Notes:
Cash Required for Closing and Qualification
Close & Enter Total
Down Payment
Closing Costs
Base Closing Cost Factor @
0.000%
0.250%
0.375%
0.500%
0.625%
0.750%
0.875%
1.000%
1.125%
1.250%
1.375%
1.500%
1.625%
1.750%
1.875%
2.000%
2.125%
2.250%
2.375%
2.500%
2.625%
2.750%
2.875%
3.000%
=
Approximate Base Closing Costs
Discount Points or Origination Fee
0.000%
0.250%
0.375%
0.500%
0.625%
0.750%
0.875%
1.000%
1.125%
1.250%
1.375%
1.500%
1.625%
1.750%
1.875%
2.000%
2.125%
2.250%
2.375%
2.500%
2.625%
2.750%
2.875%
3.000%
=
Cost of Points or Origination Fee
UFMIP/SP MI, VA Funding fee, etc., if not financed
0.000%
0.250%
0.375%
0.500%
0.625%
0.750%
0.875%
1.000%
1.125%
1.250%
1.375%
1.500%
1.625%
1.750%
1.875%
2.000%
2.125%
2.250%
2.375%
2.500%
2.625%
2.750%
2.875%
3.000%
=
Cost if not financed
Other
$0
=
Total Other Fees
Total Closing Costs
+
Pre-Paid Expenses
Per Diem/Pre-Paid Interest
15
Days
=
Per-Diem Interest Total
Pre-Paid Homeowners Policy @
12
Months
=
Insurance Cost Total
Pre-Paid Expenses calculated @
6
Months
=
Pre-Paid Expense Total
Association, Condo or Coop Fees
1
Months
=
Monthly Fee Total
Other fees
$0
Total Pre-Paid Expense
+
Monthly Reserve Requirements @
2
Months
=
Cash Reserves Required
+
Total Cash for Closing and Reserves Required
=
Base Costs used for the calculation of the APR = Closing Costs + Pre-Paid Interest + UFMIP/SP PMI
=
Enter the number of years of monthly MI/PMI to be used for the calculation of APR
11
=
Total Costs Used for the calculation of APR
Notes:
