monthlypayment: Monthly Payments

In aseemdeodhar/mortgager: Obtain various values required in Home Mortgage Calculations

Description

Function to calculate monthly home-ownership costs based on tax rates, interest rates and maintenance rates

Usage

monthlypayment(
  mortgage_rate,
  property_tax,
  home_price,
  homeowners_ins = 1000,
  condo_fee = 1000,
  downpayment_rate = 0.1,
  loan_term = 30,
  pmi_factor = 7.5
)

Arguments

mortgage_rate	Fixed monthly mortgage interest rate in percentage (out of 100)
property_tax	Property tax rate per thousand (out of 1000) for the given area - NOTE: Generally property taxes are always mentioned per thousand
home_price	Sale Price of property in question
homeowners_ins	Annual home owners insurance costs (default: 1000)
condo_fee	Annual condo fee (default: 1000)
downpayment_rate	Downpayment as a proportion (out of 1) of sale price (default: 0.10)
loan_term	Duration of loan payback time in years (default: 30)
pmi_factor	For loans with less than 20% downpayment, mortgage insurance rate in percent (out of 100) (default: 7.5)

Examples

monthlypayment(mortgage_rate = 2.7,
               property_tax = 6,
               home_price = 350000)

aseemdeodhar/mortgager documentation built on Jan. 28, 2021, 12:53 p.m.