Financial Calculators from Dinkytown.net

Definitions

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.

BACK FREELOANTOOLS

BACK

FREELOANTOOLS