Showing a buyer the "what ifs" when thinking of how much to offer, etc. has never been easier once I got the hang of using Fidelity Agent software to do the estimates.
Yesterday, I was showing my client a house....and he was wondering what his options are in terms of down payment, what his monthly payments would be, how much he can offer.
I whipped out my iphone to show him some scenarios. I followed up by sending him emails of some estimates, using Fidelity Agent software which cost me $27 to upload on my computer AND on my iphone.
Yes, these are estimates, and final figures will be different...but this is a good way to illustrate the differences in buying scenarios. This is what I shared with him --- it didn't take too long to come up with these estimates. But oh, the value of matrices!
SCENARIOS and ESTIMATES - when buying a house in Alameda CA Assume interest rates of 5.75% for 30 years, 1% loan origination or discount fees, with a purchase price of $525,000
5% down 10% down 15% down 20% down Down payment $26,250 52,500 78,750 105,000 Closing costs $28,085 17,734 17,384 17,027 Total cash needed for down payment and closing costs $44,335 70,234 96,134 122,027 PITI (principal, interest, taxes and insurance) $3,939 3,666 3,453 3,131 Income needed to qualify $127,748 118,899 111,987 102,194
Assume interest rate of 5.75% for 30 years, 1% loan origination or discount fees, with 10% down
|
Sales Price |
$520,000 |
$525,000 |
$530,000 |
$535,000 |
|
10% down payment |
$52,000 |
$52,500 |
$53,000 |
$53,500 |
|
Closing costs |
$17,593 |
$17,734 |
$17,875 |
$18,014 |
|
Total cash needed for down payment and closing costs |
$69,593 |
$70,234 |
$70,875 |
$71,514 |
|
PITI (principal, interest taxes and insurance) |
$3,631 |
$3,666 |
$3,701 |
$3,736 |
|
Income needed to qualify |
$117,767 |
$118,899 |
$120,031 |
$121,165 |
Assume interest rate of 5.75% for 30 years, 1% loan origination or discount fees, with 20% down
|
Sales Price |
$520,000 |
$525,000 |
$530,000 |
$535,000 |
|
10% down payment |
$104,000 |
$105,000 |
$106,000 |
$107,000 |
|
Closing costs |
$16,898 |
$17,027 |
$17,161 |
$17,296 |
|
Total cash needed for down payment and closing costs |
$120,898 |
$122,027 |
$123,161 |
$124,296 |
|
PITI (principal, interest taxes and insurance) |
$3,121 |
$3,151 |
$3,181 |
$3,211 |
|
Income needed to qualify |
$101,221 |
$102,194 |
$103,167 |
$104,141 |
My client was appreciative of the "paint by numbers" picture I prepared for him. I think being able to do this on the spot opened his eyes to other possibilities.
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Serving Alameda and Contra Costa Counties. Helping my clients with their real estate needs. Experienced and seasoned short sale agent. Call me for exceptional real estate service and results!
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