Home Purchase Calculator
Results
Address: |
{{address}} |
Purchase Price: |
${{price | number:2}} |
Down Payment: |
${{downpayment | number:2}}, {{(downpayment/price)*100 | number:1}}% |
Loan Terms: |
${{price | number:2}}, {{loanterm}} Years, {{interestrate*100}}% APR |
Monthly Loan Payment: |
${{monthlypmt | number:2}} |
Average Monthly Cost: |
${{ (outputArray[1].subtotal + outputArray[outputArray.length-1].subtotal) / 24 | number:2}} |
Cash to Close: |
${{outputArray[0].total | number:2}} |
| Year | Cost | Amount | Subtotal | Discounted Cost | Total Cost | Equity |
|---|---|---|---|---|---|---|
| {{x.year}} |
|
|
${{x.subtotal | number:2}} | ${{x.disc | number:2}} | ${{x.total | number:2}} | {{x.equity*100 | number:2}}% |
| Home Sale ($) | ${{totalcost - salvage * 0.94 | number:2}} | {{equity*100 | number:2}}% | ||||
| Home Sale ($) | ${{totalcost - salvage * 0.94 | number:2}} | {{equity*100 | number:2}}% | ||||
| ${{totalcost | number:2}} | {{equity*100 | number:2}}% | |||||
| ${{totalcost | number:2}} | {{equity*100 | number:2}}% | |||||
NOTE: These are estimates! Due to rounding error and other factors of your specific situation, real costs may differ from what is generated by this calculator.
Explore
Info
Looking to purchase your first home, find a vacation home, downsize, or simply want to know more about home ownership?
I'd love to talk! Please reach out to contact the creator of this calculator at the information listed below!
Mark Comeau
Realty One Group Next Level
https://linktr.ee/SoldbyComeau
265 S River Road
Bedford, NH 03110
m: (603) 370-7806 | o: (888) 888-SOLD
Want to know more about closing costs? Look no further!
You can find an interactive calculator sponsored by Cohen Closing and Title at the link below!
Want to know more about operation costs, look here!
Here is a helpful article from SoFi.com that outlines the average costs of living in New Hampshire!
What kind of tax benefits are there to home ownership?
Here is another helpful article from Nerdwallet that outlines exactly what you can write off come tax time!
Wondering what the discount rate is?
Most of you probably just glossed over it, but for those who want to know more you came to the right place! The discount rate is used to calculate the future or present value of money. This concept is commonly used in business to derive the value of investments in the future to account for uncertainty, opportunity costs, and expected income and growth. It's something people do almost subconsiously but when dealing with larger sums of money it can have a huge impact!
Say you were offered a choice of $100 now, or $110 in a year. Which would you take? If you took the money now, you could invest it elsewhere, say in the S&P to earn 8% (or $8) over that year. Then it would be more beneficial to take the $110 in a year. In this situation, you would need to have some investment that would make greater than 10% per year in order for it to be more beneficial to take the money now. For simplicity sake, you could use the FED's target of 3% inflation per year to calculate what your home costs in the future are worth today.
If you would like to dig deeper into this economic way of viewing investments, I've linked an article below that explains it in greater detail!