# Paint by numbers ---- illustrate buying scenarios on my iPhone

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.

RELATED POSTS

Fidelity Agent: A WOW tool for quick answers for real estate calculations --- for your computer and your PDA!

First Time Buyers need CMA and PITI calculations ---and good photos for a good first impression

Don't know how to estimate PITI? Closing Costs? Copping out by deferring estimates to escrow officer?

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4 Comments on Paint by numbers ---- illustrate buying scenarios on my iPhone

AUG
26
2009
 I love this program... what a bonus to your client, whom I am sure was impressed.  Is Fidelity the only Title company that has this? 12:08pm • #1
 Looks like an awesome program, but doesn't seem to be available for Georgia. :( 12:36pm • #2
 Pacita: Great post! I have the software – it’s amazing! It is likely the least expensive tool in my toolkit and provides such immediate and valuable information. I like the way you have integrated the information into this post!!! Great job. 1:41pm • #3
 Suzanne and Jan Marie I don't know if this is available in your area, or if other title companies can offer this, but here's how you can reach them: Call FidelityAgent to talk to a representativeCorporate 757-271-1287  Toll free 1-866-629-5091  FidelityAgent Inc.  639 N Coalter Street  Staunton, VA 24401.Or email us at  support@FidelityAgent.com Kathleen --- I love this program, too. It's so easy to use, and it makes an instant impression when the information is literally at one's fingertips. 4:21pm • #4

Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA

Alain Pinel

Cell Phone: (510) 205-2992

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