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					                                                    Home-Buying Decision Making Tool
The Home-Buying Decision Making tool is a combination of 3 calculators that help you take the right decisions on
the tool helps you to decide whether to rent or buy a home. While you decide to buy, the tool helps you to determine
on your financial status. Finally, you can calculate how much you should save for a down payment. The calculations
in quick decision making.

                                   Rent and Buy Comparison
The Rent or Buy Comparison calculator helps you to compare the benefits of renting and owning a home
and then analyze which is the right option for you.

                                    How much can I borrow?
The calculator here makes it simple and easy to determine the maximum loan amount for which you can
qualify depending upon your monthly income, housing costs and payments on other debts.

                   How much I have to save to make down payment?
It’s a simple tool to work out the maximum and minimum cash amount you should save in order to make
a certain percentage of down payment on your home.

MortgageFit Community
MortgageFit is a Community comprising of common people, and industry experts working towards a common goal
through Community empowerment. The Community has been imparting knowledge and guidance on all mortgage r
informative resources are financial tools that make calculations simple and easy for the common people.
                                                               MortgageFit Community

                                  Contact Address: MortgageFit, 297 Hale Street, San Francisco, Californi
                                  Email: mfcare@mortgagefit.com
                                  Phone No: 800-WOW-MFIT or (800) 969 - 6348 [Toll free]
 on Making Tool
at help you take the right decisions on your home. In the very first step,
o buy, the tool helps you to determine how much you can borrow based
or a down payment. The calculations are simple and easy and help you




enting and owning a home                 Calculate yourself




amount for which you can                 Calculate yourself
other debts.

ment?
 uld save in order to make               Calculate yourself




erts working towards a common goal – the development of the industry
edge and guidance on all mortgage related issues. Supplementing the
 y for the common people.
 mmunity

le Street, San Francisco, California-94112, US

69 - 6348 [Toll free]
                                                                  Rent and Buy Comparison Calculator
This calculator helps you to decide whether it is better to rent a property or get a home of your own. You may pay monthly r
extra cash. But if you use the same rent to make monthly mortgage payments, you will be able to build up equity over a co



                                           Rent

                                                                                                     Step 1:
Monthly Rent ($)

                                                                                                     Step 2:
Cash at Bank1 ($)
                                                                                                   You Get
Cash at Bank2 ($)


Cash at Bank3 ($)
                                                                                                     Step 3:
Cash in Hand ($)


Cash at other funds ($)

Total saved money ($)                                                                  $0.00
                                                                                                    You Get

If you invest a part or whole of the saved money in different type of bonds or security, then
the rate of return is


                                 Investment Amount            Investment Rate Return (%)            Step 4:
Investment 1


Investment 2
                                                                                                     Step 5:
Investment 3


Total Investment

                                  Buy (With Mortgage)                                               You Get

Monthly Payment ($)                                                                    $0.00

Loan Rate (%)                                                                         6.30%

Loan Term (Years)                                                                         10

Home Inflation Rate (%)                                                               1.20%
Exp. tax deduction rate (%)                                                      35%


                                    Renting Analysis

Return on Investement                                                          $0.00

Home Equity                                                                       $0

                              Buying (With Mortgage) Analysis

Total Loan Amount                                                              $0.00

Downpayment                                                                    $0.00

Total Interest paid                                                            $0.00

Deduction on Interest                                                          $0.00

Home equity                                                                    $0.00

With a home value worth $0 and monthly payment of $0 you will get a year loan of $0 at
6.3%. At the end of 10 years, you will own a home worth $0 and save $0 on the total
interest of $0.
 ulator
wn. You may pay monthly rent and get a good return by investing the
o build up equity over a considerable time period.



                            How to Use it
             Insert the values of your current monthly rent and
             the total cash amount you have saved till now.
             Enter the amount of money you have gathered
             from different sources of income.
             It is assumed that saved from different money
             # The total moneyyou have invested the sources.
             saved in different bonds and securities. Input the
             invested amount along with the expected
             investment rate of return for maximum 3 types of
             investment. The total amount invested will be
             added up.
             Note: Total money invested should not be more
             than the total money saved.
             # The total return on the amount you have invested
             for a time period equal to the loan term.
             # The total home equity which is equal to zero.

             Your monthly mortgage payment will be automatically
             shown as equal to the value of current monthly rent
             (assuming monthly rent is equal to monthly mortgage
             payment). Input the estimated rate of interest on your
             mortgage and the period of repaying the loan.

             Enter the estimated current inflation rate at which your
             home value is likely to increase. Also mention the
             percentage of tax deduction on your mortgage interest.

             # The total amount you need to borrow for buying a
             home.
             # The total interest paid on the loan amount and
             the tax deduction on your mortgage interest
             throughout the loan period.
             # The estimated value of your home after the loan
             is paid off.
Note: Only the cells having grey shaded back-
ground color are editable.
                                                                   How much can I borrow?
With the help of this tool, you can calculate the maximum loan amount offered on the basis of your monthly income and e
estimate of the required monthly payments.

Incomes

Monthly Income ($)                          Other Income ($)

Housing Expenses

Property Taxes ($)                          Hazard Insurance ($)

Debt Payments

Auto Payment ($)                            Credit Cards ($)

Other Debts ($)

Loan Details

Loan Term (Years)                      10   Rate (%)                                6.30%



How much can I borrow?

Monthly Payment                     $0.00   Total Loan Amount                       $0.00
orrow?
sis of your monthly income and expenses. Besides, you can also get an


                                    How to Use it
             Step 1:  Enter the values of your monthly income and
                      housing expenses.
             Step 2:  Provide the value of your monthly payments
                      on other debts.
             Step 3:  Input the expected loan term and interest rate
                      on the mortgage.
                      # The estimated loan amount and monthly
              You Get
                      payment for the total loan period.
                                                  How much I have to save to make the down payment?
Here you can calculate how much you should save in order to make a certain percentage of down payment.



Your Estimated Loan Amount                                                                               Ho
                                                                                Step 1:
Loan Amount ($)                               $0.00
                                                                                You Get


How much I have to save to make a down payment of
                                                                                Step 2:

   % of Down payment                Minimum                Maximum              You Get

            5%                                $0.00                  $0.00


            10%                               $0.00                  $0.00

            15%                               $0.00                  $0.00

            20%                               $0.00                  $0.00

Enter the down payment percent here if it doesn’t match the figures above

                                              $0.00                  $0.00
make the down payment?
tage of down payment.



                             How to use it
           Enter the estimated amount you are likely to borrow.
           # The maximum and minimum amount you need to save for
           a down payment of 5%, 10%, 15% and 20% respectively.

           If you wish to make a down payment other than the
           specified percentages, then enter the percentage of the down
           # The maximum and minimum amount you will have to
           save for the down payment percent you have specified.

				
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posted:8/9/2012
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