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1995-03-07
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THE
MORTGAGE
ANALYZER
Qualification
Amortization
Buy, Rent, Sell, Lease
Refinancing
Comparison
Acceleration
Copyright 1992,94 Insight Software Solutions
THE MORTGAGE ANALYZER
TABLE OF CONTENTS
General Information . . . . . . . . . . . . . . . . . . . . . 3
Disclaimer . . . . . . . . . . . . . . . . . . . . . . . 3
About Insight Software Solutions . . . . . . . . . . . . 3
Contents of Distribution Disk . . . . . . . . . . . . . 3
Program Support . . . . . . . . . . . . . . . . . . . . 4
Getting Started With the Mortgage Analyzer . . . . . . . . . 5
System Requirements . . . . . . . . . . . . . . . . . . 5
Installation . . . . . . . . . . . . . . . . . . . . . . 5
Running The Mortgage Analyzer . . . . . . . . . . . . . 5
Screen Layout In The Mortgage Analyzer . . . . . . . . . . . 6
Common Screen Lines . . . . . . . . . . . . . . . . . . 6
Menu Screens . . . . . . . . . . . . . . . . . . . . . . 6
Data Input Screens . . . . . . . . . . . . . . . . . . . 6
Data View Screens . . . . . . . . . . . . . . . . . . . 6
Moving Around In The Mortgage Analyzer . . . . . . . . . . . 7
Menu System . . . . . . . . . . . . . . . . . . . . . . 7
Moving Field to Field . . . . . . . . . . . . . . . . . 7
Editing Within a Field . . . . . . . . . . . . . . . . . 8
Special Fixed Fields . . . . . . . . . . . . . . . . . . 8
Special Function Keys . . . . . . . . . . . . . . . . . 8
Loan Qualification . . . . . . . . . . . . . . . . . . . . 10
Qualification Inputs . . . . . . . . . . . . . . . . . 10
Function Keys . . . . . . . . . . . . . . . . . . . . 12
Mortgage Schedules and Summaries . . . . . . . . . . . . . 13
Mortgage Inputs . . . . . . . . . . . . . . . . . . . 13
Function Keys . . . . . . . . . . . . . . . . . . . . 18
Print Schedule/Summary . . . . . . . . . . . . . . . . . . 20
Print Schedule/Summary Inputs . . . . . . . . . . . . 20
Print Schedule/Summary Function Keys . . . . . . . . . 21
Default Mortgage Insurance . . . . . . . . . . . . . . . . 23
Default Mortgage Insurance Inputs . . . . . . . . . . 23
Adjustable Rate Caps and Margins . . . . . . . . . . . . . 25
Defining Caps and Margins . . . . . . . . . . . . . . 25
Automatic Rate Adjustment . . . . . . . . . . . . . . 25
Buy, Rent, Lease, Sell . . . . . . . . . . . . . . . . . . 27
Page 1
THE MORTGAGE ANALYZER
Common Inputs . . . . . . . . . . . . . . . . . . . . 27
Home Purchase Information (Buy/Rent) . . . . . . . . . 27
Rent Information (Buy/Rent) . . . . . . . . . . . . . 28
Other Factors (Buy/Rent) . . . . . . . . . . . . . . . 28
Home Sale Information (Sell/Lease) . . . . . . . . . . 29
Rent Information (Sell/Lease) . . . . . . . . . . . . 29
Other Factors (Sell/Lease) . . . . . . . . . . . . . . 29
Function Keys . . . . . . . . . . . . . . . . . . . . 30
Quick Calculator . . . . . . . . . . . . . . . . . . . . . 31
Four Function Calculator . . . . . . . . . . . . . . . 31
Solve For Missing Loan Value Calculator . . . . . . . 31
Points Calculator . . . . . . . . . . . . . . . . . . 31
Daily Interest Calculator . . . . . . . . . . . . . . 32
Loan Refinancing Calculator . . . . . . . . . . . . . 32
FHA Down Payment Calculator . . . . . . . . . . . . . 32
On-line User Manual . . . . . . . . . . . . . . . . . . . . 33
Configuration . . . . . . . . . . . . . . . . . . . . . . . 34
Color Attribute Selection . . . . . . . . . . . . . . 34
Printer Selection . . . . . . . . . . . . . . . . . . 35
Schedule Printing Defaults . . . . . . . . . . . . . . 36
Miscellaneous Selection . . . . . . . . . . . . . . . 37
Filing System . . . . . . . . . . . . . . . . . . . . . . . 38
Answers To Common Problems . . . . . . . . . . . . . . . . 38
Page 2
THE MORTGAGE ANALYZER
General Information
Disclaimer
Insight Software Solutions makes no warranties or representations
of any kind, expressed or implied, including any implied
warranties of merchantability and fitness for any particular
purpose. Insight Software Solutions shall not be liable for any
errors contained herein or for any loss of profit or for
incidental or consequential damages or for any other damages.
About Insight Software Solutions
Insight Software Solutions is located in Bountiful, Utah. Please
send any inquiries, questions, suggestions or comments to the
following address:
INSIGHT SOFTWARE SOLUTIONS
P.O. BOX 354
BOUNTIFUL, UT 84011-0354
Tel: (801) 295-1890 Fax: (801) 299-1781
BBS: (801) 963-8721 CIS: [71672,3464]
Contents of Distribution Disk
The Mortgage Analyzer diskette contains several files which are
needed for optimal performance. Their names and functions are
listed below.
MORT.EXE This is the main executable program.
MORT.OVR This is an overlay file required by the main executable
program.
MORT.CFG This contains program configuration information such as
screen color, printer selections and saved header
lines. This file is automatically created if not found.
MORT.PTR This contains printer definitions for a variety of
printers.
MORT.DOC This is the User Manual for The Mortgage Analyzer.
MORT.BAT This is a start up batch file for hard disks.
INSTALL.EXE This copies the program to a hard disk.
MORT.DAT This contains all saved client information.
Page 3
THE MORTGAGE ANALYZER
Program Support
Once registered, you will receive notification of major updates
and new products. Registration includes a 90 day support policy
where free updates will be provided for major problems. If a
problem cannot be resolved, then a refund of money will be made.
Insight Software Solutions offers support through the mail,
phone, fax, BBS and CIS. Please refer to the address and phone
numbers on the previous page. Our official support BBS is the
Rocky Mountain Software BBS (RMS). RMS can be reached 24 hours a
day at (801) 963-8721 where a conference dedicated to us can be
found. Our latest software products and versions, bulletins, news
and message system are located on RMS under conference #4. RMS
accepts modem baud rates of 1200 to 57600.
Insight Software Solutions is a member of the Association of
Shareware Professionals (ASP). ASP wants to make sure that the
shareware principal works for you. If you are unable to resolve a
shareware related problem with an ASP member by contacting the
member directly, ASP may be able to help. The ASP Ombudsman can
help you resolve a dispute or problem with an ASP member, but
does not provide technical support for members' products. Please
write to the ASP Ombudsman at 545 Grover Road, Muskegon, MI 49442
or send a CompuServe message via CompuServe Mail to ASP Ombudsman
70007.3536.
Page 4
THE MORTGAGE ANALYZER
Getting Started With the Mortgage Analyzer
System Requirements
The Mortgage Analyzer is almost hardware independent. It will run
on most PC systems. The minimum requirements are as follows:
IBM type PC, XT, AT or PS/2 (or compatible)
Hard Disk
512K Ram
Dos 2.0 or higher
any monochrome, color, or composite monitor
virtually any printer that supports condensed printing
Installation
The Mortgage Analyzer may be run from either a floppy or hard
disk. An installation program called INSTALL.EXE is provided to
assist you in the installation of the program on a hard drive.
From the A> prompt, simply type in "INSTALL". This will prompt
you through the installation process. This installs The Mortgage
Analyzer into a directory called "MORT" on the destination drive
you specify. Alternatively, you may simply copy the contents of
the floppy diskette onto the hard disk. We recommend that it be
placed into its own subdirectory.
Running The Mortgage Analyzer
Your may run The Mortgage Analyzer from a floppy or hard drive.
From your floppy, simply type MORT. From a hard drive, you may
use one of two methods. The first method is to make sure you are
in the root directory of your C: drive which should show the C>
prompt. From here, simply type MORT and the program should run.
Alternatively, you may use the following steps. First, change to
the drive that the program was installed on. If you installed it
onto Drive D, then you would type D: and press the enter key.
Next, you would type CD \MORT which changes the directory to the
one where The Mortgage Analyzer is located. Last of all, you
would type MORT which will run the program. If you are running on
a network which does not provide access to Drive C, then you will
need to use the second method to run The Mortgage Analyzer.
Page 5
THE MORTGAGE ANALYZER
Screen Layout In The Mortgage Analyzer
Common Screen Lines
There are several common screen lines found in The Mortgage
Analyzer. This includes the first, second, twenty-third, twenty-
fourth, and twenty-fifth lines. The first line contains the
current date and time as specified by DOS; it also contains the
product name and version number. The second line is part of the
box surrounding the user work area; it generally contains a
centered title describing the function of the current screen. The
twenty-third line is the status line--it shows the status of the
Help, Caps, Scroll Lock, Num Lock, and Insert keys. The twenty-
fourth line is the prompt line. It indicates what you are
supposed to do for a given input field. The twenty-fifth line is
the Function Keys Status line. It shows what Function Keys (F1,
F2, ...) are available for use and what their particular
functions are.
Menu Screens
Menu Screens appear as a list of numbered items. A movable
highlight bar indicates the current menu selection.
Data Input Screens
Data Input Screens contain fields or areas which can be changed.
These fields are generally preceded by a label indicating what
type of value is needed for the field.
Data View Screens
Data View Screens contain scrollable text for your viewing. Where
applicable, the text can be scrolled up and down and left and
right. Indications of the current location in the text are given
on the left side of the status line.
Page 6
THE MORTGAGE ANALYZER
Moving Around In The Mortgage Analyzer
Menu System
Menus appear as a list of numbered options. To select the option
desired, press the associated number. An alternate method of
selection is to use the arrow keys along with the <Enter> key.
One option is always highlighted and indicates the current
option. To change the current option, press the UP and DOWN arrow
keys to move the highlight bar. Once the desired option is
highlighted, press the <Enter> key to make the selection.
Moving Field to Field
Moving from one field to another field can be accomplished by
many different keystrokes. Listed below is a summary of the
keystrokes available and the functions they perform.
ENTER KEY: Moves the cursor to the next logical field.
RIGHT ARROW KEY: If the cursor is on the last editing character
of the field, this key moves the cursor to the right of the
current field.
LEFT ARROW KEY: If the cursor is on the first character of the
field, this key moves the cursor to the field to the left of the
current field.
DOWN ARROW KEY: Moves the cursor to the field below the current
field.
UP ARROW KEY: Moves the cursor to the field above the current
field.
PAGE DOWN KEY: Moves the cursor to the last field on the screen.
PAGE UP KEY: Moves the cursor to the first field on the screen.
TAB KEY: Moves the cursor to the next logical field.
TAB LEFT KEY: Moves the cursor to the previous logical field.
<CTRL> RIGHT ARROW KEY: Moves the cursor to the field to the
right of the current field.
<CTRL> LEFT ARROW KEY: Moves the cursor to the field to the left
of the current field.
Page 7
THE MORTGAGE ANALYZER
Editing Within a Field
Editing within a field can be accomplished with many different
keystrokes. Listed below is a summary of the keystrokes available
and the functions they perform.
RIGHT ARROW KEY: Moves the cursor one character to the right.
LEFT ARROW KEY: Moves the cursor one character to the left.
HOME KEY: Moves the cursor to the beginning of the field.
END KEY: Moves the cursor to the last character in the field.
BACKSPACE KEY: Moves the cursor to the left one character and
erases that character and shifts all trailing characters to the
left one space.
INSERT KEY: Toggles between insert mode and typeover mode.
DELETE KEY: Erases the character under the cursor and shifts all
trailing characters to the left one space.
ALPHA/NUMERIC KEY: Outputs the character where the cursor is and
moves the cursor over to the right, one space. If insert mode is
on, then all trailing characters are moved to the right, one
space.
Special Fixed Fields
There are certain fields which have fixed values. When the cursor
is moved to these fields, a window of choices appears. Each
choice has either an associated number or letter next to it.
Pressing the associated number or letter automatically makes the
desired selection and moves the choice into the input field.
Special Function Keys
There are a number of special function keys which perform a
variety of tasks. These keys are as follows.
<ESC> KEY: This key always takes you back one level from where
ever you are. For example: if you enter a screen from a menu,
then the <Esc> key will take you back to that menu.
<F1> KEY: This key is the help key. It toggles off and on
whether help messages should be shown with each input.
Page 8
THE MORTGAGE ANALYZER
<F2>..<F10> KEYS: These other function keys may or may not be
active and have different functions in different parts of the
program. Brief explanations of what these keys do are displayed
on the screen in the Function Key line. Detailed information is
given under the documentation of each particular screen as to
which Function Keys are active and what their function is.
Page 9
THE MORTGAGE ANALYZER
Loan Qualification
Loan qualification allows you to determine if a person can
qualify for a given house. In addition, you may determine the
maximum amount that a person may qualify for.
Qualification Inputs
REPORT TITLE: This field is a title line printed on the top of
the report. This uses a line on the report only if something is
entered; therefore, you can fit more of the report on a page if
the title is left blank.
PROVIDED FOR: This field is for personalizing the report. This
uses a line on the report only if something is entered;
therefore, you can fit more of the report on a page if this is
left blank. Please note that if you are saving and restoring
client information, that the filer system distinguishes
information by this name; therefore, you should specify a name
when saving clients.
PROVIDED BY: This is for personalizing the report. This uses a
line on the report only if something is entered; therefore, you
can fit more of the report on a page if this is left blank.
QUAL OPTION: You are allowed two qualification options. QUALIFY
PURCHASE allows you to enter the information on the home you wish
to purchase and determines if you can qualify for the appropriate
loan. MAXIMUM QUALIFICATION determines how much of a house you
can afford.
COUNTRY: You may select the country where you are providing the
mortgage. Fields and reports will have slight variations
depending on the country. Currently, the United States and
Canada are supported.
MORTGAGE TYPE: This is the type of loan you want to qualify for.
This can be a Conventional Loan with a fixed interest rate, a
Conventional ARM Loan with an adjustable interest rate, an FHA
Loan (Federal Housing Administration) or a VA Loan (Veterans
Administration). It is more difficult to qualify for a
conventional loan. Lenders usually prefer ARMs making it easier
to qualify for them. FHA and VA loans have less stringent
qualification ratios. For Canadian mortgages, a C.M.H.C.
(Canadian Mortgage Housing Corporation) option is given.
CMHC INS PERCENT: This only appears for the country of Canada.
This is the percentage of the loan that is required by the
Page 10
THE MORTGAGE ANALYZER
C.M.H.C. for insurance purposes.
PURCHASE PRICE: The price of the home you want to buy. If you
are refinancing, then enter the approximate value.
DESIRED MORTGAGE: The amount you want to finance--it is the
purchase price minus any down payment.
YEARS IN MORTGAGE: The number of years in the mortgage
(typically 15 or 30 years).
INTEREST RATE: The interest rate on the mortgage. If you plan on
using an ARM (Adjustable Rate Mortgage) or a Stepped Rate
Mortgage or Buydowns, then enter the initial interest rate.
PROPERTY TAXES: Your estimated annual real estate taxes. Be sure
to enter the annual amount--the computer will automatically
figure out the monthly amount.
HOME INSURANCE: This only appears for the country of United
States. Your estimated annual homeowners insurance amount. Be
sure to enter the annual amount--the computer will automatically
figure out the monthly amount.
HEAT ALLOWANCE: This only appears for the country of Canada.
This is your estimated monthly heat allowance.
MORTGAGE INSURANCE: This is your estimated Mortgage Insurance.
You may press the F2 Estimate Mortgage Ins Key to have it
estimated for you. Typically, the Mortgage Insurance is based on
your Loan-to-Value Ratio. The Loan-to-Value Ratio is the amount
of the loan divided by the value of the house. For example:
Mortgage = 90,000 and Purchase Price = 100,000 then Loan-to-Value
= 90% or 90,000 / 100,000. Typically, if the Loan-to-Value ratio
is 80% or less, then no Mortgage Insurance is needed. At 90%, the
Mortgage Insurance is usually around 0.30% of the loan amount.
Above 90%, it is usually around 0.44%.
ASSOCIATION DUES: This is any condominium or homeowner
association dues you may have. This amount only applies to
condominiums or homes which have shared common areas.
2ND MORTGAGE PMT: This is the MONTHLY payment on a 2nd mortgage.
If there is not a 2nd mortgage, then enter zero.
GROSS MONTHLY INCOME: This is the total of all your income. This
amount should include salaries, bonuses, commissions, interest,
dividends, etc. This is your monthly income. If you know your
Page 11
THE MORTGAGE ANALYZER
gross annual income, then divide it by twelve. Last year's income
tax return may be helpful.
SPOUSE'S PERCENT: If the gross monthly income includes any of
the earnings from the spouse, then enter the percentage of the
spouse's income that is included. For example, if the gross
monthly income is $4000 and the spouse's portion is $1000, but
the spouse earns $2000, then the percentage would be 50%
(1000/2000).
CAR PAYMENTS: This is your monthly car payment if you have one.
If you have less than ten car payments left, then this is usually
not required.
ALIMONY/CHILD SUPPORT: This is any alimony or child support
payments you make each month.
CREDIT CARD PAYMENTS: This amount is the total of all the
minimum payments for your credit card accounts.
OTHER LOAN PAYMENTS: This is the total monthly payment of all
other loans you may have. This may include other mortgages,
student loans, personal loans, etc.
Function Keys
F4 KEY (VIEW/PRINT): This function produces a Qualification
Analysis Report and displays it in a window on the screen. Once
in the window, the report can be scrolled within the window
vertically and horizontally by use of the arrow, PgUp, PgDn, Home
and End keys; it can also be sent to the printer by use of the F2
Key (Print). The viewed report is identical to what the printed
report will look like with the exception that the printed report
may use condensed and bold print.
F9 KEY (QUICK CALC): This simply pops up the quick calculator.
See the documentation about the quick calculator for usage.
Page 12
THE MORTGAGE ANALYZER
Mortgage Schedules and Summaries
Mortgage Inputs
TITLE: See "title" under Qualification Inputs.
PRODUCED FOR: See "produced for" name under Qualification
Inputs.
PRODUCED BY: See "produced by" under Qualification Inputs.
SPECIAL OPTIONS: This feature consists of twelve choices which
are as follows: None, Recurring Extra Payment, Variable Extra
Payment, Double Principal Payment, Variable Payment, 13 Monthly
Payments Per Year, 26 Half Month Payments Per Year, 52 Quarter
Month Payments Per Year, Growing Equity Payments, Solve For Extra
Payment, Balloon Payment and Comparison of 2 Mortgages.
None is for producing a basic amortization schedule.
Recurring Extra Payment option adds the ability to specify a
constant extra amount payable towards the principal each month.
Variable Extra Payment option adds the ability to specify a
different amount each month of extra money to be paid towards
principal.
Double Principal Payment option displays what doubling the
principal payment each month does to the loan (it cuts the loan
period almost in half).
Variable Payment option adds the flexibility to specify whatever
payments you would like for every month of the mortgage.
13 Monthly Payments Per Year option allows you to specify a month
where two normal payments will be made (typically reduces a 30
year mortgage to 21 years).
26 Half Month Payments Per Year option allows you to specify two
months where three half payments will be made (typically
reduces a 30 year mortgage to 21 years).
52 Quarter Payments Per Year option allows you to specify four
months where five quarter payments will be made (typically
reduces a 30 year mortgage to 21 years)
Growing Equity Payments Option allows you to specify a percentage
that the mortgage payment is to go up each year. The extra
money goes towards the principal and accelerates the loan.
Solve For Extra Payment option allows you to specify the month of
payoff desired and the monthly extra payment required to make
this happen is automatically calculated.
Balloon Payment option adds the ability to show the loan for a
short period of time and then what one final payment would be
to pay off the loan.
Comparison of 2 Mortgages option allows two complete and separate
Page 13
THE MORTGAGE ANALYZER
mortgages to be compared side by side. Typically, this would be
used to compare two similar loans to see how a slight change
impacts the loan.
COMPARISON: A comparison will produce a pair of schedules side
by side. The first schedule will be the standard mortgage
schedule. The second schedule will illustrate the results of the
special option. For example: if using the Recurring Extra Payment
option, the second schedule would illustrate the effect of paying
a constant extra payment towards the loan.
LOAN TYPE: The type of loan you want. There are 3 main types
supported. These are Conventional (Conv), Federal Housing
Administration (FHA) and Veterans Administration (VA).
Some of the differences are as follows:
Qualification: It is usually easier to qualify for FHA and VA
loans than it is for Conventional Loans.
Financing: FHA and VA have restrictions on the maximum amount
that can be financed. These change periodically and from
region to region. Conventional Loans usually require a larger
down payment.
Mortgage Default Insurance: FHA MIP required on all loans. VA
Funding Fee required on all loans, however, a larger down
payment can reduce this fee. Conventional Loans will usually
drop this charge if the down payment is 20% or more otherwise
insurance is usually required.
PURCHASE PRICE: The price of the home you want to buy.
DOWN PAYMENT: The down payment you plan to make on the loan.
This does not include any points, closing costs, etc.
MONTHS IN MORTGAGE: The number of months that payments will be
made. This is typically 360 (30 years) or 180 (15 years).
INTEREST TYPE: This provides for four common mortgage interest
rate methods. They are FIXED, STEPPED, ADJUSTABLE and RESET. A
fixed rate uses the same interest rate throughout the entire
length of the mortgage. A stepped rate mortgage typically starts
the interest rate out below the prevailing rates and over a
period of a few years, rises each year until it peaks and levels
off. An adjustable rate mortgage (ARM) allows the interest rate
to be adjusted each and every month. The rate typically is
adjusted once every six months or year as specified by the
margin. The adjustment is made depending on the prevailing
mortgage rates at the given time. A reset rate allows two
different interest rates on the mortgage; the first is a lower
rate and lasts for usually 5 or 7 years, then the second rate
Page 14
THE MORTGAGE ANALYZER
takes over and remains until the completion of the loan.
INTEREST RATE: This is the interest of the loan. For STEPPED,
ADJUSTABLE and RESET types of rates, you may press the F2
INTEREST key to enter additional rates. For an ADJUSTABLE rate
loan, you may also press the F3 key to adjust Caps and Margins.
CLOSING DATE: This is the date that you close on the house.
Closing is the process of "signing the papers". Daily interest is
calculated and applied to the closing costs based on the
difference in days between the closing date and the origination
date of the loan. The closing date is the date that the papers
are signed and the origination date is the date that the loan
actually starts.
FIRST PAYMENT DATE: This is the date that the first payment is
due. It is the date upon which the loan schedule is created. All
payments are based upon this date--it should not be less than a
month after the closing date or more than 2 months after the
closing date.
ORIGINATION POINTS: This is the fee that the lender charges for
processing your loan. 1 POINT is equal to 1 percent of your loan.
For example: 2 points on a $100,000 loan would be $2,000.
DISCOUNT POINTS: To receive a lower interest rate on your
mortgage, you can pay discount points to the lender. It is the
concept of buying down your interest rate. You pay more money up
front so you pay less all the way along. If you do not plan to
stay in your house for a long period of time, then it is
generally not wise to buy down your interest rate very far. 1
POINT is equal to 1 percent of your loan. For example: 2 points
on a $100,000 loan would be $2,000.
PROPERTY TAX: This is your annual real estate tax assessment.
Assessments are usually between 0.75% to 2.0% of a home's value.
HOMEOWNERS INS: This is your yearly homeowners insurance
premium.
OTHER CLOSING COSTS: This is the amount of money to be paid to
close on your house. This amount should include such items as:
Appraisal, Credit Report, Inspection Fee, Documentation Fee,
Attorney's Fees, Title Insurance, Transfer Tax, Recording Tax,
Survey and Termite Inspection. DO NOT include the following: Loan
Origination Fee, Discount Points, Odd Days' Interest, Mortgage
Insurance, Homeowner's Insurance and Real Estate Taxes. These are
all accounted for elsewhere.
Page 15
THE MORTGAGE ANALYZER
MRTGE DEFAULT INS: This is the Mortgage Default Insurance. It
insures the lender against default and foreclosure. You may
specify the type you want to apply to the loan. The plan names
listed would normally apply to following types of loans:
MI 30 Yr Fix = Conventional 30 Year Fixed Rate
MI 15 Yr Fix = Conventional 15 Year Fixed Rate
MI 30 Yr Adj = Conventional 30 Year Adjustable Rate (ARM)
MI 15 Yr Adj = Conventional 15 Year Adjustable Rate (ARM)
FHA MIP = FHA Loan
VA Funding = VA Loan
A "User Defined" option is available where you can define your
own plan for the specific mortgage you are working on. PLEASE
NOTE that the rates used for conventional are typical, but will
vary from lender to lender. The FHA and VA charges and fees do
change periodically (usually every couple of years) and will not
remain current without periodic upgrades to the program.
EXTRA PAYMENT: This field appears only with the special option
of Recurring Extra Payment or Variable Extra Payment. This is an
additional amount of money which is to be applied to the
principal of the loan each month--it accelerates the mortgage and
pays it off early. For Variable Extra Payments, the F9 PAYMENTS
Key is available to add different payments.
VARIABLE AMOUNT: This field appears only with the special option
of Variable Payment. The monthly payment is normally determined
by amortizing the original principal at the given interest rate
for a given duration. The Variable Payment field, however, lets
you override the monthly payment amount. You can specify whatever
amount you want to pay towards the loan. This option allows total
flexibility in the amounts you wish to pay towards your loan. A
notation to the right of the periodic payment will indicate
either flat payments or variable payments. "Flat Payments" means
that the monthly payment shown is for every single month during
the term of the mortgage. "Variable Payments" means that it has
been specified at some point to use a different monthly payment.
Variable payments are made possible through the F9 PAYMENTS
function key.
MNTH UNTIL BALLOON: This field appears only with the special
option of Balloon Payment. It allows the number of months to be
specified before the balloon payment is to be made.
EXTRA PAYMENT MNTH: This field appears only with the special
option of 13 Payments per year. When this option is selected,
there are 13 payments made a year. One month of the year will
have an extra payment made. This field is to specify the month
that will have the extra payment.
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3 PAYMENT MONTH: This field appears only with the special option
of 26 Bi-Weekly Payments. When this option is selected, there are
26 half-payments made a year. Two months of the year will have 3
payments made and the rest will have 2 payments made. This field
is to specify one of the months that will have an extra payment
(3 payments). The other month to have 3 payments is computed
automatically at 6 months from the month chosen here.
5 PAYMENT MONTH: This field appears only with the special option
of 52 Weekly Payments. When this option is selected, there are 52
quarter-month payments made in a year. Four months of the year
will have 5 payments made and the rest will have 4 payments made.
This field is to specify one of the months that will have an
extra payment (5 payments). The other months to have 5 payments
are computed automatically at 3 month intervals from the month
chosen here.
PAYMT GROWTH RATE: This field appears only with the special
option of Growing Equity Payments. The Payment Growth Rate is the
percentage at which to increase the monthly payment each year. By
increasing the payments each year, your payment can go up with
increases in salary, etc; the extra money goes towards principal
and pays off the loan early. A 4% yearly increase will pay a
typical 30 year loan off in 15 years.
MONTH OF PAYOFF: This field appears only with the special option
of Solve For Extra Payment. This is the month when you would like
to have your mortgage paid off. By entering the month, the
recurring extra amount required to pay off the mortgage early
will be displayed. Please note that this extra payment is based
on a fixed interest rate. If you are using variable rates, then
this extra payment may not pay off the loan as specified.
STARTING MONTH: This field appears only with the following
special options: 13 Payments Per Year, 26 Bi-Weekly Payments, 52
Weekly Payments, Growing Equity Payments and Double Principal
Payments. This is the month that you want the acceleration
method to start. This is useful if you know when you will be able
to start making extra payments or if you have an existing
mortgage where you want to start paying extra on the mortgage.
ENDING MONTH: This field appears only with the following special
options: 13 Payments Per Year, 26 Bi-Weekly Payments, 52 Weekly
Payments, Growing Equity Payments and Double Principal Payments.
This is the month that you want the acceleration method to stop.
This is useful if you want to apply extra payment to your
mortgage for a limited time only.
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EXTRA PAYMENT: This field appears only with the following special
options: 13 Payments Per Year, 26 Bi-Weekly Payments, 52 Weekly
Payments, Growing Equity Payments and Double Principal Payments.
This allows you to make an additional payment on the mortgage
above and beyond the selected acceleration method. For example,
it is now possible to make double principal payments each month
AND make an additional $100.00 extra payment each month.
Function Keys
F2 KEY (INTEREST): This function key is available only if the
Interest Type selected is Stepped, Adjustable or Reset. For the
Stepped Rate, this pops up another screen which allows you to
enter an interest rate for each year in the mortgage. For the
Adjustable Rate, this pops up another screen which allows up to
120 interest rate inputs. Each interest rate is numbered. By this
method, you may enter different interest rates for each month of
the mortgage. The new F2 key (DUP) will duplicate the previous
value and advance the cursor--this allows easy duplication of
interest rates without having to rekey them. Please see the
section on ARMs for more capabilities. For the Reset Rate, this
pops up another screen which allows you to enter two interest
rates and the year when the second rate takes over.
F3 KEY (CAPS): This function is only available if the Interest
Type selected is Adjustable. This brings up a new screen which
allows you to enter the Caps and Margins associated with the
adjustable rate. If you are using a predefined mortgage plan,
then pressing the F3 Key will show what the current Caps and
Margins are for the given plan. You will not be allowed to
override the plan values. Please see the section on ARMs for more
detail.
F4 KEY (VIEW/PRINT): This brings up the Print Schedule/Summary
Screen. This screen allows for several options on how your
schedule is to appear. Please refer to the section on this screen
for more information.
F5 KEY (SUMMARY): This function calculates the mortgage and
produces a summary page of all mortgage information selected.
F6 KEY (HOA): This brings up a new screen which allows you to
specify any Homeowner Association Fees that may apply to the
mortgage.
F9 KEY (PAYMENTS): This function key is available only if the
special option of Variable Extra Payment or Variable Payments has
been selected. This pops up another screen which allows up to 100
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payment inputs. Each payment is numbered. New function keys
appear, indicating how to change payments above 100. There will
be enough inputs and function keys to cover the duration
specified for the mortgage. By this method, you may enter in
different payments for the entire span of the mortgage. The new
F2 key (DUP) will duplicate the previous value and advance the
cursor--this allows easy duplication of payments without having
to rekey them.
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Print Schedule/Summary
Print Schedule/Summary Inputs
The Print Schedule/Summary screen allows for a variety of options
which affect the way the schedule and summary are to be printed.
The fields are listed below with their respective functions.
PRINT DESTINATION: Allows you to specify where the schedule is
to be sent--it can be sent to the screen, printer or to a file.
The schedule appears on the screen as it will appear when it is
printed. When viewing the schedule on the screen, function keys
are available to send the schedule directly to the printer
without having to come back and change the print destination to
the printer.
SCHEDULE DETAIL: Specifies the schedule detail--it allows you to
show each and every month or to view yearly results.
YEARLY BASIS: Allows you to select how the cumulative totals of
the schedule are to be displayed. They can be displayed on either
a calendar or fiscal year basis. A fiscal year basis displays the
totals at exact yearly intervals. For example, a loan paid
monthly which starts in March would show totals each March. If a
calendar basis is chosen, totals would be shown at the end of
each calendar year. For example, a loan which starts in April
would show totals each December or end of the year.
CUMULATIVE VALUES: Allows you to show each line of values as
cumulative totals from all previous years or months in the
schedule.
CUMULATIVE TOTALS: Only applies if you are using a monthly
schedule and you are not using cumulative values. Selecting "Yes"
here will show the totals after each year as a cumulative total.
Selecting "No" will show the totals for each individual year.
DOLLAR VALUES: Specifies the use of dollar values in the
schedule. If "no" is selected, cents appear in the figures. You
would normally use dollar values if you prefer working with whole
numbers or if you are working with a very large mortgage where
the numbers start to merge when showing the cents.
DATE FORMAT: Specifies the format in which the dates will appear
in a report. For example, a date of October 23, 1992 would appear
as follows:
MM/DD/YY = 10/23/92 DD/MM/YYYY = 23/10/1992
MM-DD-YY = 10-23-92 DD-MM-YYYY = 23-10-1992
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MM.DD.YY = 10.23.92 DD.MM.YYYY = 23.10.1992
MM/DD/YYYY = 10/23/1992 YY-MM-DD = 92-10-23
MM-DD-YYYY = 10-23-1992 YY.MM.DD = 92.10.23
MM.DD.YYYY = 10.23.1992 YYYY-MM-DD = 1992-10-23
DD/MM/YY = 23/10/92 YYYY.MM.DD = 1992.10.23
DD-MM-YY = 23-10-92 MMM YYYY = Oct 1992
DD.MM.YY = 23.10.92 DD MMM YY = 23 Oct 92
SEQUENCE COLUMN: Allows you to specify the left column of the
schedule. The options produce the following columns:
"Date Only" "Payment Number Only" "Date & Payment Number"
PMT PMT
DATE NUM NUM DATE
-------- --- --- --------
10/25/94 1 1 10/25/94
11/25/94 2 2 11/25/94
PAGES TO PRINT: Allows you to specify what part of the report
you would like to view or print. You may choose either the
schedule, summary or both. The summary can be viewed directly
form the main Mortgage Input screen by use of the F5 KEY.
TAX ANALYSIS: Allows you to have a tax savings analysis done on
your mortgage. This is based on using Itemized Deductions in the
current U.S. tax code. Additional columns appear on the schedule
indicating the potential tax savings. If a special option
comparison is selected, then the tax savings will be based on the
special option side of the comparison. Due to column limitations,
the tax analysis is unavailable for the special option of
Mortgage Comparison.
TAX BRACKET: Only appears if Tax Analysis has been selected.
This is the tax bracket of the person who is obtaining the
mortgage. This will illustrate the portion of the payments that
can be returned or saved through declaring the mortgage as a
deduction on the individual's taxes.
POINTS TAX DEDUCT: Determines when and if any tax deduction is
allowed on the points paid. The points are typically fully
deductible the first year on a first home. The points are
typically deductible over the life of the loan on a second home.
It is unusual for points not to be deductible.
Print Schedule/Summary Function Keys
F4 KEY (START PRINT): This function starts the actual printing
of the schedule or summary. Based on the print destination, it
either sends the schedule to the screen, printer or an ascii
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file.
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Default Mortgage Insurance
Mortgage Default Insurance insures the lender against default and
foreclosure. This is typically charged on FHA loans as a front
end premium. Most conventional loans require this insurance if
the loan-to-value ratio is greater than 80%. Annual renewal
insurance is a premium which is added each year based on a
percentage of the outstanding loan; this is typically between
0.4% and 0.8%. Many times this premium will be dropped once the
loan value ratio drops to around 70 to 80 percent.
Default Mortgage Insurance Inputs
INSURANCE TYPE: Allows you to specify the method that the
mortgage insurance is to be applied. Annual Renewal Declining
insurance is a premium which is added each year based on a
percentage of the outstanding loan. This is typically between
0.4% and 0.8%. Annual Renewal Level uses the initial loan
balance each year for calculating the insurance premium. Many
times this premium will be dropped once the loan value ratio
drops to around 70 to 80 percent. A Front End premium is a
charge that is made once when the loan is taken out.
USE % OF LOAN: Only appears with the Front End Premium option.
Depending on your choice here, you may have the mortgage
insurance calculated as a percentage of the loan or you may enter
the actual premium.
MORT INS PREMIUM: Only appears with the Front End Premium option
and if the Use % of Loan field is "N". This is the premium to be
charged for the mortgage default insurance.
PERCENT OF LOAN: Only appears with the Front End Premium option
and if the Use % of Loan field is "Y". This is the percentage of
the loan that will be taken to compute the mortgage default
insurance.
ADD TO LOAN: Only appears with the Front End Premium option.
Some mortgages add this premium directly to the loan balance
while others charge this as a closing cost item. FHA mortgages
usually have this charge added into the loan amount while
conventional loans typically do not.
FIRST YEAR CHARGE: Only appears with the Annual Renewal
Declining and the Annual Renewal Level options. This is the first
year premium based on a percentage of the initial loan. This is
usually between 0.3% and 1.0%. A higher loan-to-value ratio
usually has a lower percentage. 15 year loans usually have lower
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percentages while adjustable rate loans usually have slightly
higher percentages.
MONTHLY CHARGE: Only appears with the Annual Renewal Declining
and the Annual Renewal Level options. This is the monthly premium
based on a percentage of the remaining balance of the loan. This
is usually between 0.25% and 0.5%. A higher loan-to-value ratio
usually has a lower percentage. 15 year loans usually have lower
percentages while adjustable rate loans usually have slightly
higher percentages.
STOP AFTER XX LOAN-TO-VALUE RATIO: Only appears with the Annual
Renewal Declining and the Annual Renewal Level options. This is
the loan to value ratio when the mortgage default insurance is to
drop off. This is usually around 70% to 80%. Specifying 0%
means that the insurance will never drop off.
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Adjustable Rate Caps and Margins
Adjustable Rate Mortgages usually have predefined limitations
regarding the way the interest rate can vary. The rate can
usually change once at the end of a given period (margin) and can
only change a certain amount (cap). The Mortgage Analyzer
provides the ability to define the Margins and Caps and also
gives the flexibility to play the "what if" game using the
defined Margins and Caps.
Defining Caps and Margins
The Caps and Margins can be defined inside a mortgage plan in the
configuration section. See the configuration section for more
details. You may also define them at the time you are entering
mortgage information in the Schedule/Summary section. If the
interest type is selected as Adjustable, then
the F3 KEY (CAPS) appears. Pressing the F3 Key will bring up a
new entry screen with the following inputs:
INITIAL PERIOD: The number of months that the initial interest
rate in the ARM is guaranteed.
ADJUSTMENT PERIOD: After the initial period of the guaranteed
interest rate has expired, this is the number of months that the
next change in interest rates is guaranteed. This is sometimes
known as the Adjustment Period.
ADJUSTMENT CAP: The Adjustment Cap for the ARM. It is the
maximum amount that the interest rate can fluctuate after the
initial or an adjustment period has expired.
LIFE CAP: The Life Cap for the ARM. It is the maximum amount
that the interest rate can fluctuate over the life of the loan.
Automatic Rate Adjustment
When working with adjustable rate loans, the Schedule/Summary
input screen will show the F2 KEY (INTEREST). Pressing the F2 Key
will bring up the interest entry screen. Here you may change the
rate for any month of the loan. However, a new F9 KEY (CAPS
ADJUST) appears. Selecting the F9 Key will allow you to project
interest rate changes based on the Caps and Margins of the loan.
The pop up box displays the current Caps and Margins and has the
following fields.
OPT: Displays the options available for automatic adjustment of
interest rates. Option 1 is for setting up the worst case
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THE MORTGAGE ANALYZER
scenario for the ARM. Option 2 also assumes a continual rise in
rates, but only half as fast as option 1. Option 3 allows you to
specify any desired rate increase
while option 4 will reset all the rates back to the default.
XXX: Only appears with the Adjust rate every XXX months by YYY
until ZZZ option. This specifies the number of months that will
be used for each incremental rate increase.';
YYY: Only appears with the Adjust rate every XXX months by YYY
until ZZZ option. This is the amount to increase the interest
rate for each adjustment period.';
ZZZ: Only appears with the Adjust rate every XXX months by YYY
until ZZZ option. This is the maximum rate increase amount. If
the current interest rate is 8% and you specify the maximum rate
increase (ZZZ) to be 6%, then the rates will continue to increase
until they reach 14% (8+6).
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Buy, Rent, Lease, Sell
This section allows you to compare the financial
advantages/disadvantages of whether you should buy a home or
rent. It also allows you to compare the financial
advantages/disadvantages of whether you should sell your home or
lease (rent) it out.
Common Inputs
TITLE: See "title" under Qualification Inputs.
PRODUCED FOR: See "produced for" name under Qualification
Inputs.
PRODUCED BY: See "produced by" under Qualification Inputs.
OPTION: Allows you to select one of the comparison options.
Options available are BUY VS RENT or SELL VS LEASE.
Home Purchase Information (Buy/Rent)
PURCHASE PRICE: The expected purchase price of the home.
DOWN PAYMENT: The down payment on the home. For a conventional
loan, this is usually between 10 and 20 percent of the purchase
price. FHA loans use a formula which increases with the amount
of the loan. This is typically between 3 and 5 percent of the
purchase price. VA loans usually do not require a down payment.
INTEREST RATE: The expected interest rate on the mortgage.
YEARS IN LOAN: The number of years in your loan. This is
typically 15 or 30 years.
MONTHLY HOA FEE: The MONTHLY fee for a Home Owner Association.
Home Owner Associations are for groups of houses or Condos where
there are common areas (Club House, tennis court, park, etc) that
are maintained by the association.
ESTIMATED CLOSING COSTS: The estimated closing costs that you
expect to pay on the home. If you are unsure what to enter, then
you may want to estimate it at 2 or 3 percent of the purchase
price.
ANNUAL PROPERTY TAX: The estimated property taxes that will be
due each year on the home.
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ANNUAL HOMEOWNERS INSURANCE: The ANNUAL cost of your homeowners
insurance. This is often referred to as hazard insurance.
ANNUAL MAINTENANCE COSTS: The expected cost to maintain your
home each year. This would include any repairs and maintenance
that you would not normally pay for if you were renting.
ANNUAL PRICE APPRECIATION: The expected rate at which the value
of the purchased property is expected to rise. This same rate
will be applied to the property taxes, homeowner insurance and
maintenance costs.
MORTGAGE INSURANCE FACTOR: The default mortgage insurance on the
home. This is represented as an annual percentage of the
purchase. On a conventional loan, if the down payment is greater
than 20%, then the insurance is usually not required, otherwise
the insurance is typically between 0.30 and 0.50 percent. For an
FHA loan, this is usually 0.50 and is usually not required for a
VA loan.
Rent Information (Buy/Rent)
RENT PER MONTH: The expected rent that you would pay on the
rental unit.
ANNUAL RENT INCREASE: The expected annual rate of increase on
rent.
Other Factors (Buy/Rent)
INCOME TAX BRACKET: Your estimated tax bracket. This is used to
determine the portion of your mortgage payment that may be
deducted from your income taxes. Please note that mortgage
interest and property taxes are usually deductible as itemized
deductions in the current U.S. tax code. If you do not have
enough itemized deductions to offset the "standard deduction",
then your mortgage will not help with your taxes and you should
list your tax bracket as zero.
ALTERNATE INVESTMENT: The estimated rate of return you can
expect to get if you were to place your money in a savings
vehicle such as a savings account, mutual fund, money market
account, stocks, etc. The difference in mortgage payments and
rent will be factored into the equation using this rate.
INFLATION RATE: The estimated annual inflation rate that will be
experienced over the life of the mortgage.
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Home Sale Information (Sell/Lease)
SALE PRICE: The expected sale price of the home.
LOAN BALANCE: Your current loan balance on the mortgage. It is
the amount you still owe.
INTEREST RATE: Your interest rate on the mortgage.
YEARS REMAINING: The number of years that are left in your loan.
MONTHLY HOA FEE: The MONTHLY fee for a Home Owner Association.
Home Owner Associations are for groups of houses or Condos where
there are common areas (Club House, tennis court, park, etc) that
are maintained by the association.
ESTIMATED CLOSING COSTS: The estimated closing costs that you
expect to pay on the sale of the home. Most closing costs go to
the buyer, but you will probably be required to pay some also.
If you are unsure, you may want to estimate it at 1 or 2 percent
of the sale price.
ANNUAL PROPERTY TAX: The estimated property taxes that will be
due each year on the home.
ANNUAL HOMEOWNERS INSURANCE: The ANNUAL cost of your homeowners
insurance. This is often referred to as hazard insurance.
ANNUAL MAINTENANCE COSTS: The expected cost to maintain your
home each year. This would include any repairs and maintenance
that you would not normally pay for if you were renting.
ANNUAL PRICE APPRECIATION: The expected rate at which the value
of your home is expected to rise. This same rate will be applied
to the property taxes, homeowner insurance and maintenance costs.
Rent Information (Sell/Lease)
RENT PER MONTH: The rent that you will charge on the house.
ANNUAL RENT INCREASE: The expected annual rate of increase on
rent.
Other Factors (Sell/Lease)
INCOME TAX BRACKET: Your estimated tax bracket. This is used to
determine the portion of your mortgage payment that may be
deducted from your income taxes. Please note that mortgage
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THE MORTGAGE ANALYZER
interest and property taxes are usually deductible as itemized
deductions in the current U.S. tax code. If you do not have
enough itemized deductions to offset the "standard deduction",
then your mortgage will not help with your taxes and you should
list your tax bracket as zero.
ALTERNATE INVESTMENT: The estimated rate of return you can
expect to get if you were to place your money in a savings
vehicle such as a savings account, mutual fund, money market
account, stocks, etc.
Function Keys
F4 KEY (VIEW/PRINT): This brings up the Buy/Rent/Sell/Lease
Print Input Screen. This screen allows for several options on how
the report is to appear. Listed below are the fields.
PRINT DESTINATION: Allows you to specify where the report is to
be sent--it can be sent to the screen, printer or to a file.
CUMULATIVE VALUES: Allows you to show each line of values as
cumulative totals from all previous years in the report.
DOLLAR VALUES: Specifies the use of dollar values in the
reports. If "no" is selected, cents appear in the figures.
PAGES TO PRINT: Allows you to specify what you would like to
print. You may print the report, explanation or both. The
explanation is simply a text file that explains how to interpret
the report.
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Quick Calculator
The Quick Calculator can be selected as option three from the
main menu or by the F9 (QCALC) Key from one of the input screens.
This option is used to calculate a variety of mortgage
calculations and for simple math functions. The Quick Calculator
contains its own menu. You can select a loan value to solve for,
a four function calculator or a specific mortgage related
calculator.
Four Function Calculator
The four function calculator simply allows you to type in numbers
and add, subtract, multiply, and divide them. The result is
displayed and can then be used as one of the next numbers in a
calculation.
Solve For Missing Loan Value Calculator
This feature consists of four "solve for values". By selecting
one of these values to solve for, inputs appear which you must
enter to solve for the selected value. These values and inputs
are listed below.
PRINCIPAL: Allows you to solve for the principal amount of a
loan when given the monthly payment, duration and interest rate.
PAYMENT: Allows you to solve for the monthly payment of a loan
when given the principal amount, duration and interest rate.
DURATION: Allows you to solve for the duration of a loan when
given the principal amount, monthly payment and interest rate.
INTEREST RATE: Allows you to solve for the interest rate of a
loan when given the principal amount, monthly payment and
duration.
Points Calculator
The points calculator simply calculates the amount of money that
the points will cost based on the loan amount. The fields are
listed below. Pressing the F2 KEY will calculate the value of the
points.
PRINCIPAL: The loan amount.
POINTS: The number of points that are to be applied to the loan
amount.
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Daily Interest Calculator
The daily interest calculator simply calculates the amount of
daily interest to be paid on a given loan. The fields are listed
below. Pressing the F2 KEY will calculate the amount of daily
interest.
LOAN AMOUNT: The amount of the loan.
INTEREST RATE: The interest rate of the loan.
DAYS: The number of days for which to calculate interest on the
loan.
Loan Refinancing Calculator
The loan refinancing calculator estimates the amount of money to
be saved in the first year of the refinanced mortgage; it also
determines the number of months that it will take before the
money saved pays back the cost to refinance the mortgage. The
fields are listed below. Pressing the F2 KEY will calculate the
described values.
INITIAL MORTGAGE: The loan amount of your current mortgage.
TERM OF MORTGAGE: The original number of years scheduled to pay
off your current mortgage.
AGE OF MORTGAGE: The number of months that you have already paid
on your current mortgage.
OLD INTEREST RATE: The interest rate on your current mortgage.
REFINANCE COSTS: The cost to refinance your mortgage.
NEW INTEREST RATE: The new interest rate that you will obtain on
your refinanced mortgage.
FHA Down Payment Calculator
The FHA down payment calculator estimates the amount of money you
will have to make as a down payment for an FHA loan. You simply
enter the loan amount and press the F2 Key (Calculate). The
fields are listed below.
LOAN AMOUNT: The desired loan amount.
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On-line User Manual
The Mortgage Analyzer provides the capability to review this
manual on-line. The manual review is accessed from option number
six from the main menu. Once option six is selected, the user
manual is loaded into memory and displayed on the screen; you can
scroll through at will by use of the arrow keys and PgUp and PgDn
keys. The manual can be printed by your printer by pressing the
F2 key. The file "MORT.DOC" contains the user manual--it is in
standard ASCII format and can be read in by virtually any editor
or word processor. It can be printed by simply using the Dos
Print command. (PRINT MORT.DOC)
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Configuration
The configuration section allows you to configure the program to
work with the printer of your choice, to work with the colors of
your choice, to select default schedule printing options and to
set miscellaneous options. Option number six from the main menu
brings up this menu. The menu contains four options. The first is
to allow you to change the colors used in the program. The second
is to select a printer and set up specific printer options. The
third is for selecting Schedule Printing Defaults options. The
fourth is for setting up miscellaneous functions and data in the
program.
Color Attribute Selection
Selecting the color attribute option brings up a screen with a
list of all the different areas where different colors are used
and a displayed list of color to choose from. These are listed
below with a brief description of what areas are effected by the
specified color attribute names. Listed below the attribute names
is a list of active Function Keys which can help in setting up
your colors.
SCREEN ATTRIBUTE: The color that the screen uses everywhere
except for the following special areas. This is the most common
color.
FIELD ATTRIBUTE: The color that input fields appear in while
they are not being edited. This distinguishes them from normal
text on the screen.
EDIT ATTRIBUTE: The color of an input field while it is being
edited. This helps identify where you are at on the screen.
FKEY ATTRIBUTE: The color that the FKey line appears in at the
bottom of the screen.
ERROR ATTRIBUTE: The color that error messages pop up in.
MENU NORMAL ATTRIBUTE: The color that pop up scrollable
selection windows appear in.
MENU HIGHLIGHT ATTRIBUTE: The color that the highlighted
selection of menus and pop up scrollable selections appear in.
STATUS ATTRIBUTE: The color that the screen title appears in.
Also the color of the Caps Lock, Num Lock, Insert, Scroll, and
Help status.
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F2 KEY (SHOW COLOR): Displays the current color specified in the
field where the cursor is located. The color is displayed in a
window in the bottom right corner.
F3 KEY (OTHER COLORS): There are 256 colors available, but only
128 of them are displayed on the screen at one time. The F3 Key
toggles between displaying the different sets of 128 colors.
F4 KEY (DEFAULT MONO): Automatically sets all the fields to the
default colors selected by Insight Software Solutions for a
monochrome monitor.
F5 KEY (DEFAULT COLOR): Automatically sets all the fields to the
default colors selected by Insight Software Solutions for a color
monitor.
Printer Selection
The printer selection brings up a menu which has several options.
The options are to Select A Printer, Delete A Printer, Add A
Printer, Modify A Printer, and to adjust Miscellaneous Printer
Options. Below the menu items is a list of the current printer
specifications.
Selecting a printer brings up a list of printers. Simply use the
arrow keys to highlight your printer type and press the <Enter>
key. If your printer is not listed, you may try several of the
printers listed to see if your printer is compatible with one of
those listed. If it is not, then you may enter your own printer
definition for your exact printer.
Deleting a printer definition should not be used very often.
Simply use the arrow keys to select the printer definition to be
deleted and press the <Enter> Key. You will be prompted to verify
that you really want to delete the printer definition.
Adding a printer definition can be difficult if you are not
familiar with printer control sequences. Selecting this option
brings up a printer input screen; it asks for a printer name
along with many different printer control sequences. The printer
control sequences need to be entered in hexadecimal notation. If
you are unable of performing this task, Insight Software
Solutions is willing to set up your printer definition for free
if you are a registered user and you send Insight Software
Solutions a copy of the control codes out of your printer manual.
Modifying a printer definition brings up the same screen as
Adding A Printer definition, you may then change any of the
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fields desired. If the printer name is changed, the changed
definition will not be overwritten but will appear as a new
printer definition--this allows you to create a similar printer
definition without rekeying all the control sequences back in.
Miscellaneous Printer Options allows you to specify several
different items. These items are as follows:
Use 8 Lines Per Inch allows for more information to be put on a
page. The default lines per inch is 6 which allows for 60 lines
per page. By selecting 8 lines per inch, you increase your
lines per page to 80.
Top Margin allows for a top margin on your reports. The reports
normally start printing on the first line of the page. PLEASE
NOTE that laser printers and some ink jet printers should leave
the top margin at zero.
Left Margin allows a larger left margin. The reports are centered
on the page. However, if a larger left margin is desired (for
punched holes, etc) then it can be specified.
Pause After Each Page allows you to insert new pieces of paper if
your printer does not have continuous form paper.
Use IBM Graphics instructs the program to use the IBM graphic
characters for producing solid lines and boxes. If your printer
does not directly support these characters, then an "N" should
be entered here.
Printer Port allows your printed output go to either LPT1, LPT2
or LPT3; this is helpful if you have more than one printer
connected to your computer.
Bypass Printer Check allows you to bypass all printer error
checking. There are rare cases where the printer error checking
can cause an error message to display even though there really
is not an error. Certain hardware like an automatic printer
switching box or some software spoolers may cause this. You may
turn the error checking off by selecting "Y" here to avoid this
rare problem. CAUTION: If your system works with the error
checking on, then DO NOT turn it off. If there is a real
printer problem, the computer could get hung and require a
reboot.
Flush Print Jobs instructs the program to open and close the
print file for each report sent to the printer. This option is
primarily intended for use on networks. Some networks require
that the print job be closed before it prints (or it will wait
a significant amount of time prior to printing) and yet other
networks may throw garbage out to the printer if this option is
selected. If you are experiencing printing delays on your
network, try turning this option on.
Schedule Printing Defaults
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The Schedule Printing Defaults section brings up a screen
identical to the Print Schedule/Summary screen. In this section,
you choose the values you want to use most frequently in the
Print Schedule/Summary screen. The values chosen here in the
Schedule Printing Defaults will be those which appear
automatically in the Print Schedule/Summary screen when the
program is initially run. Please refer to the section on Print
Schedule/Summary for more specific detail on the fields.
Miscellaneous Selection
The Miscellaneous Configuration section allows you to adjust the
program and the reports and schedules to your preference. There
are several inputs which follow.
Permanent Schedule Header Lines allows for up to 3 header lines
that appear at the top of each schedule page before anything
else. Typically these lines would be set to your company name
and address, but can be set to anything. They do not need to be
retyped each time the program is run--they are saved and
retrieved each time it is used.
Program File Path Names allows you to specify the location of
certain files on your hard drive. The Mortgage Analyzer
normally looks for these files in the current directory unless
a path is specified here for them. These files include the
"Printer Definition" file, the "User Manual" file and the
"Saved Client Information" file.
Turn Sound Off allows you to turn off most sound affects.
Bypass Logo At Start allows the initial program startup screen to
be bypassed when the program is run.
Erase Numeric Fields will clear a numeric field of its current
value when you type a digit as the first thing you do when
editing the field.
Erase Alpha Fields is identical to the "Erase Numeric Field", but
applies to fields that allow normal alphabetic text.
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Filing System
The Mortgage Analyzer provides the capability to save and
retrieve all information that has been entered in the Mortgage
Schedule, Qualification, Buy vs Rent, Sell vs Lease and Closing
Estimation Input Screens. To invoke this option, select option 4
from the main menu--this will bring up another menu. The menu
allows you to load saved client information or save out the
existing client information you are working on. Multiple clients
are distinguished by the name specified as the client. When
saving client information, if a client by that name already
exists, you will be prompted to either not save or to overwrite
the existing client information. Retrieving client information is
simple. A list of all saved client names will appear. You can
scroll through the client names and by pressing the <Enter> Key,
load in the highlighted case. Saved client information can be
marked for deletion by pressing the F2 (MARK A CASE) Key. This
simply puts a little box to the left of the client name. You can
mark as many as desired for deletion. No client information is
deleted until the F3 (DELETE MARKED CASES) key is pressed.
Pressing the F3 (DELETE MARKED CASES) Key still gives you one
more chance to back out before deletion begins.
Answers To Common Problems
Problem: The reports do not print out correctly on my printer.
Solution: Make sure that the correct printer driver has been
selected. To select a printer driver, you enter the
configuration menu. Select "Printer Selection", then select
"Select A New Printer Default". Choose the appropriate printer.
If your printer is not listed, then it is more than likely
compatible with another printer listed. Almost all printers fall
under one of the following printers: Epson, IBM Graphics Printer
or HP LaserJet II.
Problem: Every time I try to print, the program tells me that my
printer is either off-line or out of paper.
Solution: The program attempts to make sure the printer is okay.
Some networks, spoolers and hardware fool the program into
thinking that the printer is not okay. There is an option in the
program to bypass this printer error checking. You must turn it
on. To turn it on, do the following: Enter the configuration
menu, Select "Printer Selection", then select "Alter Line
Spacing, Margins & Misc". This brings up an entry screen.
Change the "Bypass Printer Check" to a "Y".
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