This Page offers you a "What If" calculator program that you can use to work out sets of different financial scenarios. Feel free to use it again and again until you come up with the plan that seems workable for you.

Please note that the monthly payment shown here is not always the Maximum Amount you can handle. Other factors such as taxes, fuel , insurance, etc. also come into play when figuring your monthly budget. Flatbush Federal's mortgage officers will be happy to fine tune this amount with you at a free consultation visit.

This calculator is merely to be used as a rough starting guide and in no way should you use it as a defininitive measure of the actual mortgage sum that you may be eligible to carry.

This is a simple calculator that can help you to estimate the monthly payment, balloon payment, and the loan amount you can afford. The followings are some examples:

Example 1 - Monthly Payment

Assuming that you borrow $100,000 for the new home and the interest rate is 10%. The term is 30 years (360 payments). Enter 100000 into 'Loan Amount,' 10 into 'Interest ,' and 360 into 'Number of Payments.' Click the 'Monthly Payment' button, and the monthly payment will be shown at the monthly payment field.

The monthly payment should be $877.57

... Example 1a - Monthly Payment with a balloon payment at the end of the loan:

Continuing with the previous example, assuming that you want to make a balloon payment of $5,000. Enter 5000 into 'Balloon Payment' and click the 'Monthly Payment' button again.

The monthly payment now is $875.36

Example 2 - Maximum Loan Amount You Can Borrow:

Assuming that the interest rate is 10%, 360 payments, and maximum monthly payment you can afford is $1,000. Enter these into appropriate fields, and click the 'Loan Amount' button. The maximum loan amount you can borrow should be shown in the 'Loan Amount' field and it is $113,950.82.

... Example 2a - with Balloon Payment: Continuing with example 2, assume that you plan to make a balloon payment of $5,000 at the end of the mortgage. Enter 5000 into the 'Balloon Payment' field and click the 'Loan Amount' button.
The maximum loan you can borrow should be $114,202.87.

Example 3 - Balloon Payment:

Assuming that you borrow $100,000 for your new home and you can afford only an $850 monthly payment, and the interest rate remains at 10% for 30 years. Enter this information into the appropriate fields and then click the "Balloon Payment" button.

The Balloon Payment should be $62,325.21.

Written by Joseph Chan
Copyright & copy; 1996 Seminars, Inc.

Revised [ajm] as per above time stamp!