Mortgage calculations
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Goal: given that you have enough money to afford a mortgage, would you be better off financially renting a home and putting the rest in the stock market, or better off purchasing the home? Note: This is an uneditable document on Google. To use it, download it off of Google and mess around on your own computer
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Key Assumptions
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Estimates (input by hand)1. Cost of insurance, maintanence, rent, and taxes are all increasing at the rate of home appreciation
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Cost of Home$120,000.002. Every dollar you save by renting vs. owning you end up putting into the stock market.
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Downpayment$24,000.003. You have to pay taxes on your captial gains from the stocks, but not on your home
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Loan Percentage4.75%4. You stop paying your PMI beginning the year after you reach 20% of your loan
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Years30
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Appreciation3.00%
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Stock Growth Rate (Percentage)7.00%
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Additional 1 time Fees$3,000.00
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Est. Insurance$360.00
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Est. Maintanence$1,200.00
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Est. Property Taxes1.50%
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Est. Tax Bracket15%
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Est. Rent/mo$700.00
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Standard Deduction$11,200.00
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PMI Rate or Amount
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Desired Additional Monthly Payment ($)$0.00
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Beginning Monthly Costs (Don't touch these)PMI Additional Costs
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PMI Rate0LTV30 yr PMI Rate10,15,20 yr. PMI Rate
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Monthly Payment$500.780.80.320.19
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Any additional payment$0.000.85010.520.23
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PMI$0.000.90010.780.26
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Total Mortgage Payments$500.780.95010.90.79
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Insurance$30.00
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Maintence$100.00
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Property Taxes$150.00
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Est. Cost to Own/mo$780.78
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Difference between Renting and Owning$80.78
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