I am a realtor based in NYC and Jersey City. When representing buyers I found it tiresome to do all the math involved especially when putting together an offer on a property. I set up various excel spreadsheets to do this sort of stuff for me to save time. I decided a simple phone application could do a lot of the necessary math quickly and easily. It's of particular use when representing a buyer purchasing a co-op apartment. Using this application it is fairly easy to calculate your buyer's DTI and post closing reserves and to estimate what are your buyers offer price limitations in a particular building. Properly presented and thought out figures presented to a listing agent will give your offer a greater chance of success. To use this application fill in the numbers in the orange section and the red section will populate itself.
The fields are as follows:
Monthlies including tax : Total common charges including taxes.
Interest Rate : The annual interest rate quoted by a mortgage broker.
Coop Max DTI%: Whatever max the co-op allows. Most want 25-30%
Offer Amount: Offered price
Down Payment: Not contract deposit the mortgage down payment.
Closing Costs: What your attorney tells you the closing costs are.
Liquid Assets: Cash or easily liquidated assets the buyer has.
Mortgage Pmt: Monthly amount based on loan amount and rate
Mortgage + Monthlies : Mortgage Payment plus monthlies added .
Max Pmt allowed : Building DTI percent times your monthly income.
Loan Amount: Offer Amount minus Down Payment.
DTI Calculated : What buyer's DTI is based on income and offer.
Down Payment %: Down Payment divided by Offer price.
2 yrs reserves : 24 times mortgage + monthlies
Post Closing reserves :Liquid assets - closing costs - down payment
Homeowner's insurance and other normal monthly costs are not included. Seller of application is not liable for any consequences of using the application in a transaction. I would use this to check various scenarios before making an offer but I would double check all the math before presenting an offer. Good luck with your bids!