True Mortgage Calculator.
In Late 2009 Gardnier Inc began the process of designing a mortgage calculator which would provide its clients with a much more accurate understanding of
- How much of a loan they might qualify for?
- How much their payment would be?
- How much cash would be needed to purchase the home?
Additionally, for those who qualify for First Time Home Buyer Programs it is the only calculator in the world that
- Allows clients to calculate the reduced payment benefit by using First Time Home Buyer Programs
- Allows clients to calculate the increased loan potential by using First Time Home Buyer Programs
The calculator is still under construction. Not all functionality has been programmed and the user interface is not yet done (it’s not pretty). However we are providing a link to it while it is in its Beta stage.
Input Page Instructions:
First and foremost, the calculator is only as accurate as the numbers that you put in. Make your guesses be as close to what you know is true. You must enter
- Type of loan
- Interest Rate
- Purchase Price
The calculator will automatically enter the correct Minimum Down Payment Required, Upfront MIP and Monthly MIP based on the information that you provided. It will also estimate your monthly Taxes and Home Owners Insurance for you. You may increase the amount of your down payment but should not change the other values unless your lender has instructed you to.
You should use the input fields to enter any other pertinent information about the home. Example: If the property has HOA fees, make sure to add them in the proper place. Additionally it is suggested that you enter 35,000 in the “2nd Mtg” field and change the drop down box to “First Time Home Buyer Silent Second” This will create a second loan workup with a First Time Home Buyer Silent Second so you can compare the resulting payment against the regular loan. Even if you are not a First Time Home Buyer,, understanding this concept will help you to help family and friends who may be looking to purchase their first home. A First Time Home Buyer is considered anyone who has not owned a home in the last three years
Results Page Instructions.
The results page is dived into four sections
- Upper Left: Regular Mortgage
- Upper Right: Regular Mortgage with a Silent Second
- Bottom Left: Regular Mortgage with a First Time Home Buyer MCC Credit
- Bottom Right: Regular Mortgage with BOTH a Silent Second and an MCC.
The resulting payment is displayed at the bottom of each section. It clearly illustrates how the programs help First Time Home Buyers to afford their first home.