- Annual income
- Your annual income. For married couples this is your total combined
annual income.
- 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 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 your loan balance exceeds 20% of the original purchase price,
your PMI payment drops to zero.
- Monthly PI payment
- Monthly principal and interest payment.
- Total for down payment
- Total funds remaining, after closing costs, for down payment.
- Limit down payment to 20%
- Limit down payment to 20% of the purchase price. Even if you
have more cash on hand than required for closing costs and a 20%
down payment.
- Show schedule by month
- Display the payment schedule by month when you press the Payment
Schedule button.
- Show schedule by year
- Display the payment schedule by year when you press the Payment
Schedule 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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