Home Tax And Insurance Calulators

Swift calculations for homeowners-to-be

Even during a tough economic spell, mortgage rates continue to test record lows. But the search for a home mortgage rate to fit your budget can still prove challenging.

Several websites offer online calculators with a variety of features designed to help prospective home buyers gauge monthly mortgage payments. Here are just a few:

Bankrate.com: Offers calculators to gauge mortgage payment amounts and how much you can afford. bankrate.com/calculators/mortgages/mortgage-calculator.aspx

HGTV FrontDoor: Supplies a calculator that also considers property taxes, hazard insurance and mortgage insurance. frontdoor.com/Tools/Calculators/Mortgage-Calculator.aspx

Homefair.com: Establishes the loan amount you can qualify for on the basis of income, savings and debt payments. homefair.com/tools/mortgage-affordability-calculator/index.asp

Mortgage Calculator: Straightforward calculator to determine a mortgage repayment. mortgagecalculator.org/

Mortgage Calculators: Features mortgage calculators based on payment, term, affordability and refinancing and saving. financialcalculator.

Commercial Mortgage Calculator – Debt Coverage | Business ...

In terms of commercial mortgage calculations, debt coverage ratio is one of the most important underwriting tools to figuring out if a potential commercial mortgage is fundable or not. This ratio essentially tells you what the level of cash flow will be for the owner. It’s basically answers what the level of cash flow will be after all expenses have been paid including the mortgage for the owner. How do you calculate this commercial mortgage ratio? You divide the net operating income by the proposed mortgage payment. So, first figure out the proposed mortgage payment. Say you where quoted 6.5% on a 25 year amortization schedule, with a $1,000,000 loan amount. Your monthly payment would be $6,752 the annual payments would be $81,024. Calculating the net operating income is the same concept on both investment properties or owner occupants but it’s normally a lot easier to figure out on investments. Basically there just aren’t as many tax shelters on investment deals and the lenders normally focus more on the property itself. Whereas on owner occupied loans lender normally look at personal, business and real estate entity tax returns to figure out what the net operating income is. Going back to the investment example, say you’re considering buying a 5 unit office building at $1,333,000 with a loan amount of $1,000,000 (75% loan to value). All 5 leases are gross, meaning the owner is responsible for paying all of the expenses on the property. Common expenses include real estate tax, insurance, management fee, professional fees (CPA, Lawyer), utilities, maintenance/repairs, etc. So subtract all of these expenses from the gross income and you’ll have your net operating income.

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