Calculate Buyer Closing Fees, Monthly Payment and Amortization
I've used a few of these tools online and I haven't found a single form that really does everything I need it to when I'm calculating realistic payments and fees for my clients. Most use terms that are hard to understand. Others only do one of the many calculations this spreadsheet does.
I built this template so we don't have to enter the values multiple times across multiple forms or spreadsheets and can see all estimated figures in one place.
You must have Microsoft Excel installed to take advantage of this tool. I recommend that you enable the macros, so the spreadsheet works as it should. It will work without them
Download the Excel 2007 spreadsheet with macros - instructions to enable macros
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Monthly Payment:
- Principle & Interest - The amount you pay on your loan each month
- Taxes - Property taxes are paid at the end of each year or you can 'Escrow' estimated taxes for a lower monthly payment.
- Insurance - Annual property insurance paid annually or can pay into an 'Escrow' for a monthly payment.
- PMI - extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. This is mandatory on FHA loans if your downpayment is less than 20% of the sales price
Closing Costs:
- These can vary - Some are calculated for you. This spreadsheet will ask you for the others.
Amortization
- Depending on the term (duration) of your loan, this is the schedule on what you will pay towards prinicple and interest each month.
- This tool will also calculate savings by paying a little extra each month
