BlackBerry | Mortgage

This template is for Mortgage calculations, including mortgages, balloon payments, PITI, summary analysis and amortizations. To change views, see menu below.

Mortgage View

  • Type: Conventional (12 compounding periods / year) or Canadian (2 compounding periods / year).
  • Price: negotiated price of the home.
  • Down Pmt: mortgage down payment. Enter the same as Down Type, an amount or a percentage.
  • Down Type: choose whether the down payment is entered as an amount or a percentage.
  • Points%: points associated with the mortgage. These are paid up-front as a part of the closing costs.
  • Fees: loan or origination fees. These are paid up-front as a part of the closing costs.
  • Intrst/Yr%: interest rate for the mortgage expressed as a percentage
  • Pmt Timing: how often payments are made.
  • Bi-weekly: payments are made every two weeks (26 payments per year).
    • 2x/Month: payments are made in the middle and end of each month (24 payments per year).
    • Monthly: payments are made monthly (12 payments per year).
    • Quarterly: payments are made quarterly (4 payments per year).
    • 2x/Year: payments are made every 6 months (2 payments per year).
    • Yearly: payments are made yearly (1 payment per year).
  • Years: number of years for the mortgage.
  • Payment: amount to be paid based on the Payment Timing. If Payment Timing is set to Monthly, then Payment is the monthly payment amount.
  • Blln Yrs: years until the balloon payment. (estimate, see amortization view for increased accuracy)
  • Balloon: amount to pay at Blln Yrs, if paid early. (estimate, see amortization view for increased accuracy)

PITI/Escrow View

  • Home Ins: annual amount paid for home owner's insurance.
  • Mrtgage Ins: annual amount paid for mortgage insurance.
  • Taxes: amount paid for taxes and entered base on Tax Type.
  • Tax Type: This sets how taxes are used in the calculation. Tax/Year is the total amount of yearly taxes. Tax% is the taxes based on a percentage of the mortgage. Tax1000 is the amount of taxes per thousand of the mortgage. Other: annual amount paid for other obligations (i.e., association dues, condo fees).
  • PITI: PITI amount. This is the payment including taxes, insurance and other expenses. Often, this is the amount paid to escrow.

Analysis View

  • Loan Amt: actual loan amount after the down payment is removed from the price.
  • Close Costs: up-front costs paid to close the loan. This is the sum of points and fees.
  • Init Costs: amount of money paid up-front. This includes a down payment and closing costs.
  • P&I Paid: total principal and interest payments made over the life of the mortgage.
  • PITI Paid: total PITI payments made over the life of the mortgage.
  • APR%: annual percentage rate displayed as a percentage. This is the real interest rate for the mortgage, when points and fees are also considered as a cost of attaining the mortgage.

Menus

  • Mortgage: calculates loans and balloon payments.
  • PITI: calculates PITI and Escrow data.
  • Analysis: shows summary information about the loan.
  • Amortization: access to the amortization screen. If Blln Yrs is 0, the loan is displayed as fully amortized; otherwise the amortization is displayed to the balloon payment.