Financing Your Boca Raton Home
This is a great time to buy a home in Boca Raton. Interest rates are at historic lows and prices have fallen. It really is a buyers market. I can help you coordinate the financing of your next purchase. I have several lenders who I can wholeheartedly recommend and who will work hard to structure the loan and terms that work for you.
Here are today's rates:
Want to figure out your montly payments? Please use this handy mortgage calculator:
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}if (!$error) {
$month_term = $year_term * 12;
$down_payment = $sale_price * ($down_percent / 100);
$annual_interest_rate = $annual_interest_percent / 100;
$monthly_interest_rate = $annual_interest_rate / 12;
$financing_price = $sale_price - $down_payment;
$monthly_factor = get_interest_factor($year_term, $monthly_interest_rate);
$monthly_payment = $financing_price / $monthly_factor;
}
} else {
if (!$sale_price) { $sale_price = $default_sale_price; }
if (!$annual_interest_percent) { $annual_interest_percent = $default_annual_interest_percent; }
if (!$year_term) { $year_term = $default_year_term; }
if (!$down_percent) { $down_percent = $default_down_percent; }
if (!$show_progress) { $show_progress = $default_show_progress; }
}if ($error) {
print("" . $error . "
\n");
$form_complete = false;
}?>
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
| Mortgage Payment Information | |
| Down Payment: | |
| Amount Financed: | |
| Monthly Payment: | (Principal & Interest ONLY) |
|
Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add to your monthly payment. | |
| Monthly Payment: | (Principal & Interest, and PMI) |
|
Residential (or Property) Taxes are a little harder to figure out... the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value. Let's say that your property's assessed value is 85% of what you actually paid for it - . This would mean that your yearly residential taxes will be around This could add to your monthly payment. | |
| TOTAL Monthly Payment: | (including residential tax) |
|
The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05) $ = $ X ( / 100) | |
|
The interest rate = The annual interest percentage divided by 100 = % / 100 | |
| The monthly factor = The result of the following formula: | |
|
The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year) = / 12 | |
|
The month term of the loan in months = The number of years you've taken the loan out for times 12 Months = Years X 12 | |
|
The montly payment is figured out using the following formula: Monthly Payment = * ( / (1 - ((1 + )-()))) The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan. | |
Amortization For Monthly Payment: \$" . number_format($monthly_payment, "2", ".", ",") . " over " . $year_term . " years
\n"); print("
| Month | \n"; $legend .= "\t\tInterest Paid | \n"; $legend .= "\t\tPrincipal Paid | \n"; $legend .= "\t\tRemaing Balance | \n"; $legend .= "\t" . $current_month . " | \n"); print("\t\t\$" . number_format($interest_paid, "2", ".", ",") . " | \n"); print("\t\t\$" . number_format($principal_paid, "2", ".", ",") . " | \n"); print("\t\t\$" . number_format($remaining_balance, "2", ".", ",") . " | \n"); print("\t\n");($current_month % 12) ? $show_legend = FALSE : $show_legend = TRUE;if ($show_legend) {print("\t
| Totals for year " . $current_year . " | \n"); print("\t|||
| \n"); print("\t\t | \n");
print("\t\t\tYou will spend \$" . number_format($total_spent_this_year, "2", ".", ",") . " on your house in year " . $current_year . " \n"); print("\t\t\t\$" . number_format($this_year_interest_paid, "2", ".", ",") . " will go towards INTEREST \n"); print("\t\t\t\$" . number_format($this_year_principal_paid, "2", ".", ",") . " will go towards PRINCIPAL \n"); print("\t\t | \n");
print("\t||
| | \n");
print("\t
I have relationships with many good lenders. Please fill out the following pre-approval form and I will get back to you shortly with a referral to a great mortgage company:
If you have any questions about buying Boca Raton real estate or need more detailed information, please feel free to contact me at (561) 866-7584.