20 Enter an amount for the down payment that is less than the purchase price.
21 The Balloon Amount cannot be greater than the Mortgage Amount. Enter an amount that is less than the mortgage amount.
22 Enter a number that is between 1 and 999.
23 The interest rate you have entered is out of range.
24 The points value you have entered is out of range.
25 Based on what you have entered, The Total Initial Costs are greater than the Purchase Price of the property. Choose the Back button, and check your figures so that the Total Initial Costs are lower.
26 Money was not able to calculate the Estimated APR for one or both of the mortgages from the information you have entered. You can correct this by using the Back button to go back and change information for the mortgages.
27 Money can't calculate the Monthly Payment Amount from the information you've entered. Please go back and correct the numbers.
28 You've entered a number of years greater than the loan length. Enter an amount less than the shorter of the loan lengths you entered previously.
31 Purchase Price:
32 Down Payment:
33 Mortgage Amount:
34 Length:
35 Balloon Amount:
36 Interest Rate:
37 Points:
38 Loan Service Fee:
39 Closing Costs:
40 Total Initial Costs:
41 Monthly Payment:
42 Total of Payments:
43 Estimated APR:
51 Summary (over the full length of each mortgage):
53 Mortgage A Mortgage B Difference
60 Revised APR:
61 Total of payments:
62 Revised APR over %ld %s:
63 Total of payments over %ld %s:
70 There is not enough memory to copy the Summary information to the Clipboard. Please close other applications and try again.
71 Notice
72 The information has been copied to the clipboard.
73 Money found %s already loaded. Please close Windows and try again.
74 Error
75 ?
76 &Help
500 Shopping for a Mortgage
501 With this Planning Wizard, you can compare two mortgages (real estate loans) and decide which is best for you.
502 What is the purchase price of the property?
503 The purchase price is the amount you will agree to pay for the property. You'll use this same purchase price to compare two different mortgages.
504 Do not include any closing costs or fees in this amount.
505 Do not subtract the down payment from this amount.
506 Purchase Price:
507 For each mortgage, enter the down payment as a percentage of the purchase price or as a dollar amount.
508 Mortgage A
509 Mortgage B
510 A down payment amount of 5, 10, or 20% is typical.
511 Purchase Price:
512 Based on the purchase price and down payment, here's the mortgage amount for each.
513 Down Payment:
514 If you want to make changes, click Back.
515 Mortgage A
516 Mortgage B
517 Purchase Price:
518 Enter the balloon amounts, if any.
519 Down Payment:
520 Mortgage Amount:
521 Most home mortgages do not have balloon payments. If you're unsure, leave it zero.
522 A balloon amount is a large payment due at the end of the loan.
523 Mortgage A
524 Mortgage B
525 Enter the mortgage length and interest rate for each mortgage.
526 Mortgage A
527 Mortgage B
528 Be sure to enter the Simple Interest Rate, not the Annual Percentage Rate (APR). Your lender can provide this information.
529 In Canada, interest on mortgages is often compounded two times per year. Check this option if you're exploring loans of this type.
530 For each mortgage, enter the points the lender is charging.
531 Mortgage A
532 Mortgage B
533 One point (1.0) is equal to one percent of the mortgage amount. If you're unsure of the current rate, call your prospective lenders.
534 Points are sometimes referred to as a loan origination fee. Generally, if you pay more in points, you get a lower interest rate.
535 Besides points, lenders may charge a loan service fee. Enter the fee, if any, for each mortgage.
536 The loan service fee usually does not include closing costs such as title fees, credit reports, appraisals, or inspections.
537 Mortgage A
538 Mortgage B
539 Points:
540 However, any fees classified by a lender as part of the cost of buying their loan should be included in the amounts you enter here. Money will use this information to help you estimate the true cost of each loan.
541 Mortgage A
542 Mortgage B
543 Points:
544 Loan Service Fee:
545 Finally, mortgages usually have associated closing costs to pay for title fees, credit reports, appraisals, inspections, etc. For each loan, enter the total of all closing costs.
546 Although not usually considered as part of the true cost of a loan, closing costs may still differ slightly between loans. If you're unsure of the closing costs, ask the lenders for estimates.
547 Here is the total of all initial (up-front) costs for each mortgage.
548 + $ Value of Points:
549 + Fixed Loan Fee:
550 + Closing Costs:
551 Down Payment:
552 Mortgage A
553 Mortgage B
554 If you want to make changes, click Back.
555 The mortgage that's best for you depends on:
556 And how long you plan to hold the mortgage...
557 How much cash you want to spend initially.
558 How much you want to pay each month.
559 Mortgage B
560 Mortgage A
561 Mortgage B
562 Mortgage A
563 (over the life of the loan)
564 Mortgage A
565 If you plan to hold the mortgage for its full length, the one with the lowest Annual Percentage Rate (APR) generally costs less.
566 Simple Interest Rate:
567 Annual Percentage Rate is the key to comparing what lenders really charge for their loans. The APR is usually higher than the Simple Interest Rate because it factors in all
568 Mortgage B
569 initial costs related to buying the loan, such as points and loan service fees. Closing costs such as title fees, credit reports, appraisals, or inspections are not usually included in an APR calculation.
570 Mortgage A
571 Mortgage B
572 If you plan to sell or refinance the property before it's paid off, use this calculator to compare mortgage costs at the time of sale.
573 Interest Rate:
574 Points:
575 Closing Costs:
576 Mortgage Amount:
577 Length:
578 Purchase Price:
579 Down Payment:
580 Balloon Amount:
581 Loan Service Fee:
582 Summary (over the full length of each mortgage):
1000 &Next >
1001 < &Back
1002 C&opy
1003 &Help
1004 Cancel
1005 What's best for you depends on:
1006 How much you want to pay each month.
1007 How long you plan to hold the mortgage.
1008 How much you want to spend initially.
1009 Purchase &Price:
1010 00,000,000.00
1011 00,000,000.00
1012 &Down Payment:
1013 5%
1014 10%
1015 Other %:
1016 Dollars:
1017 5%
1018 10%
1019 Other %:
1020 Dollars:
1021 00,000,000.00
1022 00,000,000.00
1023 = Mortgage Amount:
1024 00,000,000.00
1025 00,000,000.00
1026 00,000.00
1027 00,000.00
1028 00,000,000.00
1029 00,000,000.00
1030 00,000.00
1031 00,000.00
1032 00,000,000.00
1033 00,000,000.00
1034 Balloon &Amount:
1035 %
1036 %
1037 Mortgage &Length:
1038 &Interest Rate:
1039 Canadian &Mortgages
1040 %
1041 %
1042 &Points:
1043 0.00 %
1044 0.00 %
1045 &Loan Service Fee:
1046 Dollars
1047 Dollars
1048 0.00 %
1049 0.00 %
1050 00,000.00
1051 00,000.00
1052 &Closing Costs:
1053 = Total Initial Costs:
1054 0,000,000.00
1055 0,000,000.00
1056 0,000,00.00
1057 0,000,000.00
1058 0,000.00
1059 0,000.00
1060 0,000,000.00
1061 0,000,000.00
1062 0,000,00.00
1063 0,000,000.00
1064 7,855.34
1065 4,310.21
1066 Monthly Payment Amount:
1067 Total Initial Costs:
1068 Total of Payments:
1069 761.55
1070 879.07
1071 372,874.88
1072 426,223.78
1073 Estimated APR:
1074 7.87%
1075 7.64%
1076 7.50%
1077 7.50%
1078 Simple Interest Rate:
1079 7.87%
1080 7.64%
1081 7.50%
1082 7.50%
1083 Total of payments over %s:
1084 225,000.00
1085 195,000.00
1086 11.87%
1087 10.64%
1088 85,000.00
1089 75,000.00
1090 Estimated APR:
1091 Revised APR over %s:
1092 Amount remaining on mortgage:
1093 2. Click the Calculate button.
1094 1. Enter how long you plan to hold the mortgage.
