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
146,511 Points 1 Featured Post

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
169,005 Points 2 Featured Posts

Looks like an awesome program, but doesn't seem to be available for Georgia. :(
12:36pm • #2
850,421 Points 72 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

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
617,295 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

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 representative

Corporate 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

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Pacita Rainmaker_large

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

Oakland, CA

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Alain Pinel

Address: 6211 La Salle Ave, Oakland, CA, 94611

Cell Phone: (510) 205-2992

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