Real-estate and mortgage financial SW?

From: SCN User <bh314@scn.org>
Subject: Real-estate and mortgage financial SW?
Date: Mon, 3 May 1999 11:56:44 -0700 (PDT)

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I'm a first-time homebuyer looking for software
or a web site to help me juggle the financial 
variables involved with a house purchase--specifically,
what my optimal down payment and mortgage should be.

My working baseline: I'd like to buy a $200k house and 
can make a maximum down payment of $50k.

I need to examine these trade-offs:

Higher down payment (max of $50k = 25% down):
- -smaller mortgage=lower monthly payments
- -lower monthly payments=more money available every month
  for other investments (or to pay down mortgage principal)
- -less money available now for other investments
- -no PMI
- -lower monthly payments=smaller tax deduction for mortgage
 interest

Lower down payment:
- -larger mortgage=higher monthly payments
- -higher monthly payments=less money available every month 
 for other investments (or for paying down mortgage principal)
- -more money available now for other investments
- -must pay PMI?
- -higher monthly payments=larger tax deduction for mortgage 
 interest

In addition to the above, I need to make mortgage trade-off
calculations--more points, lower interest rate, fewer points/
higher rate, etc--

Do typical spreadsheet programs like Excel have the
capability to do all the above without having to
program them? Is there dedicated, easy-to-use SW
available?

And as first-timer, I'm not sure that I'm asking all the
right questions. So if you real-estate professionals or
experienced home-buyers have any additional tips, I'd
greatly appreciate it.

Thanks in advance--

Bill
bh314@scn.org




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