";
var shBeginTable2 =
"";
var shBeginRow1 = "";
var shBeginRow2 = "
";
var shEndRow = "
";
var shCell1 = "%s | ";
var shCell2 = "%s | ";
var shCell3 = "%s | ";
var shEndPage = "Back";
function EmitRow1(s1, s2)
{
Emit(shBeginRow1);
Emit1(shCell1, " ");
Emit1(shCell1, s1);
Emit1(shCell1, s2);
Emit(shEndRow);
}
function EmitRow2D(s1, bNa, s2, s3)
{
Emit(shBeginRow1);
Emit1(shCell2, s1);
Emit1(shCell3, bNa ? "N/A" : DollarFormat(s2, 0, 2));
Emit1(shCell3, DollarFormat(s3, 0, 2));
Emit(shEndRow);
}
function EmitRow2P(s1, bNa, s2, s3)
{
Emit(shBeginRow1);
Emit1(shCell2, s1);
Emit1(shCell3, bNa ? "N/A" : (s2 + " %"));
Emit1(shCell3, s3 + " %");
Emit(shEndRow);
}
var shLongText = ""
+ "
If you are serious about purchasing a home," + sNl
+ "we recommend you become formally approved." + sNl
+ "Click here" + sNl
+ "to complete our quick online application. Once we obtain further information" + sNl
+ "from you, we can pinpoint exactly where you fit into the above range.
|
"
+ "The maximum home price" + sNl
+ " is the amount that you can afford based on" + sNl
+ "the following housing expense, long term debt, and cash-available" + sNl
+ "guidelines that are used by lenders to determine the mortgage amount" + sNl
+ "they will lend to a home buyer: - Housing expenses" + sNl
+ "(monthly mortgage principal and interest, plus monthly property tax" + sNl
+ "and home insurance costs (also known as \"PITI\"), plus the monthly PMI" + sNl
+ "payment (if applicable)) should not exceed 28 percent of the homeowner's" + sNl
+ "gross monthly income.*
- Housing expenses (monthly mortgage principal" + sNl
+ "and interest, plus monthly property tax and home insurance costs (also" + sNl
+ "known as \"PITI\"), plus the monthly PMI payment (if applicable)) PLUS all" + sNl
+ "other monthly debt payments should not exceed 36 percent of the homeowner's" + sNl
+ "gross monthly income.*
- An estimate" + sNl
+ "of your maximum loan amount can be determined by dividing" + sNl
+ "your available cash by the minimum total percentage of the" + sNl
+ "home price that will need to go toward the down payment" + sNl
+ "and all closing costs.
|
" + sNl + sNl
+ "
*The high estimate is calculated using a" + sNl
+ "housing expense ratio of 36% and a long term debt ratio of 40%. It provides" + sNl
+ "you with an aggressive estimate of how much you can qualify for with some," +sNl
+ "but not all, lenders. If the amounts of your high and low estimates don't" +sNl
+ "vary by much, it's likely that the cause is your cash-available amount. To" +sNl
+ "get a larger difference between high and low estimates, try increasing the" +sNl
+ "amount in the cash-available field. |
" + sNl + sNl
+ "
A monthly PMI payment" + sNl
+ "appears above if your down payment is less than 20% of" + sNl
+ "your home value. That means you must pay an extra .7%" + sNl
+ "of your beginning loan balance per year for private" + sNl
+ "mortgage insurance (\"PMI\"). In many cases, the lender" + sNl
+ "will allow cancellation of PMI when the loan is paid" + sNl
+ "down to 80% of the original property" + sNl
+ "value. |
" + sNl + sNl
+ "
Note: For this calculation," + sNl
+ "we assume a minimum down payment of 5% and use estimated closing costs" + sNl
+ "of 2% of the loan amount. |
" + sNl + sNl;
function Initialize(oForm)
{
if (0 && bDebug)
{
oForm.appm0001.value = 65714;
oForm.appm0002.value = 1000;
oForm.appm0003.value = 20000;
oForm.appm0004.value = 2;
oForm.appm0005.value = 1.5;
oForm.appm0006.value = 8.5;
// oForm.appm0007.value = ;
// oForm.appm0008.value = ;
}
}
function Execute(oForm)
{
var iError = 0;
var nAnnualIncome, nMonthlyDebt, nCash, nDownPc;
var nPropertyTaxPc, nInsurancePc, nInputInterest, iYears;
if ( (nAnnualIncome = Validate(oForm.appm0001.value, 0)) == nErrorNumber)
iError = 100;
else if ( (nMonthlyDebt = Validate(oForm.appm0002.value, 0)) == nErrorNumber)
iError = 110;
else if ( (nCash = Validate(oForm.appm0003.value, 0)) == nErrorNumber)
iError = 120;
// else if ( (nDownPc = Validate(oForm.appm0004.value, 0)) == nErrorNumber)
// iError = 130;
else if ( (nPropertyTaxPc = Validate(oForm.appm0004.value, 0)) == nErrorNumber)
iError = 140;
else if ( (nInsurancePc = Validate(oForm.appm0005.value, 0)) == nErrorNumber)
iError = 150;
else if ( (nInputInterest = Validate(oForm.appm0006.value, 0)) == nErrorNumber)
iError = 160;
else if ( (iYears = Validate(oForm.appm0007.value, 1)) == nErrorNumber)
iError = 170;
if (!iError)
{
var sMessage = "";
if (nAnnualIncome == 0)
sMessage = "Please enter Gross Annual Income";
else if (nAnnualIncome < 0)
sMessage = "Gross Annual Income must be positive";
// else if (nMonthlyDebt == 0)
// sMessage = "Please enter Monthly Debt Payments";
else if (nMonthlyDebt < 0)
sMessage = "Monthly Debt Payments must be zero or positive";
else if (nCash == 0)
sMessage = "Please enter Cash Available";
else if (nCash < 0)
sMessage = "Cash Available must be positive";
// else if (nDownPc == 0)
// sMessage = "Please enter Desired Down Payment Percentage";
// else if (nDownPc < 3)
// sMessage = "Desired Down Payment Percentage must be at least 3%";
else if (!bZeroOk && nPropertyTaxPc == 0)
sMessage = "Please enter Property Tax Rate";
else if (nPropertyTaxPc < 0)
sMessage = "Property Tax Rate must be positive";
else if (!bZeroOk && nInsurancePc == 0)
sMessage = "Please enter Home Insurance Rate";
else if (nInsurancePc < 0)
sMessage = "Home Insurance Rate must be positive";
else if (nInputInterest == 0)
sMessage = "Please enter Interest Rate";
else if (nInputInterest < 0)
sMessage = "Interest Rate must be positive";
else if (iYears == 0)
sMessage = "Please enter Length of Loan (in years)";
else if (iYears < 0)
sMessage = "Length of Loan (in years) must be positive";
if (sMessage != "")
{
iError = 190;
alert(sMessage);
}
}
if (!iError)
{
var iK, nLoanMp, nPmiMp, nFactor;
var bC36, bCol1, bReject;
var nClosePc = .02, nMaxLoanPc = .95;
var nNumer, nDenom, nTemp;
var nPayment, nLenderPayment, nDebtPayment, nPmiPayment;
var iMonths = 12 * iYears;
var nPaymentMp = 1 / PresentValue(1, nInputInterest/1200,iMonths);
var bV28 = false, bV36 = false;
var bV281 = false, bV361 = false;
var nQPrice = nErrorNumber, nQLoan = 0, nQDown = 0, nQDownPc = 0;
var nQClose = 0, nQPayment = 0, nQTin = 0, nQPmi = 0;
var nQPrice1 = nErrorNumber, nQLoan1 = 0, nQDown1 = 0, nQDownPc1 = 0;
var nQClose1 = 0, nQPayment1 = 0, nQTin1 = 0, nQPmi1 = 0;
var nQIncome;
var bNa = false;
var nFactors = [36, 28, 40, 36];
for (iK = 0; iK < 8; ++iK)
{
nPmiMp = (iK % 2) ? .7/1200 : 0;
bC36 = (iK % 4 < 2);
bCol1 = (iK < 4);
nFactor = nFactors[Math.floor(iK/2)] / 1200;
nNumer = (nAnnualIncome * nFactor
- (bC36 ? nMonthlyDebt : 0))
* (1 - nClosePc)
+ (nPaymentMp + nPmiMp) * nCash;
nDenom = (nPaymentMp + nPmiMp)
+ (nPropertyTaxPc + nInsurancePc) / 1200
* (1 - nClosePc);
nQMax = nNumer / nDenom;
nLoanPc = (1 - nCash / nQMax) / (1 - nClosePc);
if (!bSuppressChecking && nLoanPc < 0)
{
Dump("**** #1 Adjusting result because nLoanPc = "
+ nLoanPc);
nNumer = nAnnualIncome * nFactor
- (bC36 ? nMonthlyDebt : 0);
nDenom = (nPropertyTaxPc + nInsurancePc) / 1200;
nQMax = (nDenom == 0) ? nCash : nNumer / nDenom;
nLoanPc = 0;
}
else if (!bSuppressChecking && nLoanPc > nMaxLoanPc
&& nPmiMp > 0 && nQMax > 0)
{
// nTemp = nCash / (1 - nMaxLoanPc * (1 - nClosePc));
Dump("**** # 2 Adjusting result because nLoanPc = "
+ nLoanPc);
nQMax = nCash / (1 - nMaxLoanPc * (1 - nClosePc));
nLoanPc = nMaxLoanPc;
}
else if (!bSuppressChecking && nLoanPc < .80 && nPmiMp > 0
&& !(bC36 ? bV36 : bV28))
{
Dump("**** # 3 Adjusting result because PMI nLoanPc = "
+ nLoanPc);
nLoanPc = .80;
nPmiMp = 0;
nQMax = nCash / (1 - nLoanPc * (1 - nClosePc));
}
nQIncome = ((bC36 ? nMonthlyDebt : 0)
+ (nPropertyTaxPc + nInsurancePc) / 1200 * nQMax
+ nQMax * nLoanPc / PresentValue(1,
nInputInterest/1200, iMonths)
+ nPmiMp * nQMax * nLoanPc) / nFactor;
bReject = nQMax < 0 || (nLoanPc > .80) != (nPmiMp > 0)
|| nQIncome >= 1.000001*nAnnualIncome
|| (!bSuppressChecking && nLoanPc > nMaxLoanPc);
if (!bReject && ((nQPrice == nErrorNumber) || nQMax < nQPrice))
{
nQPrice = Round(nQMax, 2);
nQLoan = Round(nQPrice * nLoanPc, 2);
Dump("***************** Setting QPrice,QLoan = "
+ nQPrice + ", " + nQLoan);
nQDown = nQPrice - nQLoan;
nQDownPc = nQMax ? Round(nQDown / nQPrice * 100, 2) : 0;
nQClose = Round(nQLoan * nClosePc, 2);
nQPayment = nQLoan / PresentValue(1,
nInputInterest/1200, iMonths);
nQTin = (nPropertyTaxPc + nInsurancePc) / 1200
* nQPrice;
nQPmi = Round(nQLoan * nPmiMp, 2);
}
if (!bReject)
if (bC36) bV36 = true; else bV28 = true;
nPrincipal = nQMax * nLoanPc;
nPayment = nPrincipal / PresentValue(1,
nInputInterest/1200, iMonths);
nLenderPayment = nPayment + nQMax * (nPropertyTaxPc
+ nInsurancePc) / 1200;
nDebtPayment = nLenderPayment + nMonthlyDebt;
nPmiPayment = nPmiMp * nPrincipal;
nForwardIncome = (nLenderPayment + nPmiPayment
+ (bC36 ? nMonthlyDebt : 0)) / nFactor;
bCheckError = Math.abs((nAnnualIncome - nForwardIncome)
/ nAnnualIncome) > .01;
if (bDebug)
{
// Dump(iK + (bC36 ? ": Q36" : ": Q28"));
Dump(iK + ": Q" + nFactors[Math.floor(iK/2)]);
Dump("nAnnualIncome = " + nAnnualIncome);
Dump("nPmiMp = " + nPmiMp);
Dump("nPaymentMp = " + nPaymentMp);
Dump("nInputInterest = " + nInputInterest);
Dump("nCash = " + nCash);
Dump("nPropertyTaxPc = " + nPropertyTaxPc);
Dump("nInsurancePc = " + nInsurancePc);
Dump("nNumer = " + nNumer);
Dump("nDenom = " + nDenom);
Dump("nQMax = " + nQMax + " **************** "
+ (bReject ? "Rejected" : "Accepted"));
Dump("nLoanPc = " + nLoanPc);
Dump("nClosePc = " + nClosePc);
Dump("nPrincipal = " + nPrincipal);
Dump("nPayment = " + nPayment);
Dump("nMonthlyDebt = " + nMonthlyDebt);
Dump("nLenderPayment = " + nLenderPayment);
Dump("nDebtPayment = " + nDebtPayment);
Dump("nPmiPayment = " + nPmiPayment);
Dump("nForwardIncome = " + nForwardIncome);
Dump("nAnnualIncome = " + nAnnualIncome);
Dump("nQIncome = " + nQIncome);
Dump("bV361,bV281,bV36,bV28="
+ bV361+ ", " + bV281+ ", " + bV36+ ", " + bV28);
Dump(bReject ? "Value rejected" : "Value accepted");
if (bCheckError)
Dump("***************** Income Check Error "
+ "*****************");
Dump("=======================================");
}
if (iK == 3)
{
if (!bV36 || !bV28 || nQLoan == 0)
{
nQLoan = nQPrice = nQPayment = nQDown
= nQClose = nQDownPc = nLenderPayment
= nQTin = nQPmi = 0;
bV36 = bV28 = true;
nDebtPayment = nMonthlyDebt;
bNa = true;
}
nQPrice1 = nQPrice;
nQLoan1 = nQLoan;
nQDown1 = nQDown;
nQDownPc1 = nQDownPc;
nQClose1 = nQClose;
nQPayment1 = nQPayment;
nQTin1 = nQTin;
nQPmi1 = nQPmi;
bV281 = bV28;
bV361 = bV36;
bV28 = bV36 = false;
nQPrice = nErrorNumber;
}
}
if (nQPrice == nErrorNumber || nQPrice < 0 || nQLoan == 0
|| !bV28 || !bV36
|| !bV281 || !bV361)
{
// alert("No affordable house was found; please "
// + "check your figures.");
alert("Although you don't qualify for a loan "
+ "according to this calculator, please contact "
+ "our office to learn about our other loan "
+ "programs which may be available to you");
if (!bSuppressChecking)
iError = 300;
}
}
if (!iError)
{
Emit1(shStart, "Pre-Qualifier Results<\/span>
");
Emit1(shHeading1, "Pre-Qualifier Results<\/span>
");
Emit(shBeginTable1);
EmitRow1("Low Estimate", "High Estimate");
EmitRow2D("Home Price", bNa, nQPrice1, nQPrice);
EmitRow2D("Loan Amount", false, nQLoan1, nQLoan);
EmitRow2P("Interest Rate", bNa, nInputInterest, nInputInterest);
EmitRow2D("Down Payment Amount", bNa, nQDown1, nQDown);
EmitRow2P("Down Payment (%)", bNa, nQDownPc1, nQDownPc);
EmitRow2D("Estimated Closing Costs", bNa, nQClose1, nQClose);
EmitRow2D("Monthly Principal and Interest", bNa,
nQPayment1, nQPayment);
EmitRow2D("Monthly Taxes and Insurance", bNa, nQTin1, nQTin);
EmitRow2D("Monthly PMI Payment", bNa, nQPmi1, nQPmi);
EmitRow2D("Other Monthly Debt", bNa, nMonthlyDebt, nMonthlyDebt);
Emit(shEndTable);
Emit(shBeginTable2);
Emit(shLongText);
Emit(shEndTable);
Emit(shEndPage);
}
if (!iError)
{
if (bDebug && sDump != "")
sOut += sNl + "" + sDump + "
";
// document.open();
document.write(sOut);
document.close();
}
}
function Dump(sStr) { if (bDebug) sDump += sStr + sNl; }
function Emit(sStr) { sOut += sStr + sNl; }
function Emit1(sStr, s1)
{
var iK;
if ( (iK = sStr.indexOf(sSub)) >= 0)
sStr = sStr.substring(0, iK) + s1
+ sStr.substring(iK + sSub.length);
Emit(sStr);
}
function Emitx(sStr, sSubs)
{
var iK, iL, iPos1 = 0, iPos2 = 0;
while ( (iK = sStr.indexOf(iPos1, sSub)) >= 0)
{
if ( (iL = eSubs.indexOf(iPos2, sSep)) < 0)
iL = eSubs.length();
sStr = sStr.substring(0, iK)
+ sSubs.substring(iPos1, iL)
+ sStr.substring(iK + sSub.length());
iPos1 = iK + sSub.length();
if ( (iPos2 = iL + eSep.length()) > sSubs.length())
iPos2 = sSubs.length();
}
Emit(sStr);
}
var sBlanks = " "
+ " ";
var sDashes = "---------------------------------------------"
+ "-----------------------------------------";
var nPowers = [
0.0000000000000001,
0.000000000000001,
0.00000000000001,
0.0000000000001,
0.000000000001,
0.00000000001,
0.0000000001,
0.000000001,
0.00000001,
0.0000001,
0.000001,
0.00001,
0.0001,
0.001,
0.01,
0.1,
1.,
10.,
100.,
1000.,
10000.,
100000.,
1000000.,
10000000.,
100000000.,
1000000000.,
10000000000.];
function Power(n)
{
return nPowers[n+16];
}
var sMonths = ["January", "February", "March", "April", "May",
"June", "July", "August", "September", "October",
"November", "December"];
function Mmm(iK) { if (!(iK >= 1 && iK <= 12)) return "MMM" + iK;
return sMonths[iK-1].substring(0, 3); }
function ExpN(nX, iN) // compute x ** n, where n is integral
{
var nResult = 1;
var bSign = 0;
if (iN < 0)
{
bSign = 1;
iN = -iN;
}
while (iN > 0)
{
if (iN & 1)
nResult *= nX;
nX *= nX;
iN >>= 1;
}
if (bSign)
nResult = 1 / nResult;
return nResult;
}
function PresentValue(nPayment, nPercent, iNumPeriods)
{
var nAmount = (Math.abs(nPercent) > 1e-20)
? nPayment * (1 - ExpN(1 + nPercent, -iNumPeriods))
/ nPercent
: nPayment * iNumPeriods;
return nAmount;
}
function SparsePresentValue(nPayment, nPercent, iInterval, iNumPeriods)
{
var nAmount = (Math.abs(nPercent) > 1e-20)
? nPayment * (1 - ExpN(1 + nPercent, -iNumPeriods))
/ (ExpN(1 + nPercent, iInterval) - 1)
: nPayment * iNumPeriods;
return nAmount;
}
function Round(nVal, iD)
{
var iSign = 1;
if (nVal < 0)
{
nVal = - nVal;
iSign = -1;
}
var iInt = Math.round(nVal);
if (iD > 0)
iInt = Math.floor(nVal);
var nFp = nVal - iInt;
// alert ('iInt, nFp = ' + iInt + ", " + nFp);
if (iD > 0)
nFp = Math.round(nFp * Power(iD)) / Power(iD);
nVal = iSign * (iInt + nFp);
return nVal;
}
function Round2(nVal, iD, iType)
// iType: -1 = floor, 0 = round, +1 = ceil
{
var nPow = Power(iD);
nVal = Math.round(nVal * nPow + iType * .5) / nPow;
// alert(nVal + "/" + iD + "/" + iType + "/" + nPow + "/" + nVal);
return nVal;
}
function Validate(sVal, bInt)
{
var sMessage = "";
var bDot = 0, bE = 0, iState = 0;
var sCh, iK;
var bInvalid = 0;
var nValue = bInt ? parseInt(sVal) : parseFloat(sVal);
for (iK = 0; sMessage == "" && iK < sVal.length; ++iK)
{
sCh = sVal.charAt(iK);
if (sCh == " ")
{
if (iState > 0)
iState = 9;
}
else
{
if (iState == 9)
sMessage = "Number '" + sVal + "' has an embedded blank";
else if (sCh == '.' && !bInt)
{
if (bDot || bE)
bInvalid = 1;
else
bDot = 1;
}
else if ((sCh == 'e' || sCh == 'E') && !bInt)
{
if (bE)
bInvalid = 1;
else
{
bE = 1;
iState = 6;
}
}
else if (sCh == '+' || sCh == '-')
{
if (iState == 0 || iState == 6)
++iState;
else
sMessage = "Number '" + sVal + "' contains a sign "
+ "in an illegal position"
}
else if (sCh >= '0' && sCh <= '9')
{
if (iState == 1 || iState == 7)
++iState;
else if (iState == 0 || iState == 6)
iState += 2;
}
else
bInvalid = 1;
}
if (bInvalid)
sMessage = "Number '" + sVal + "' contains"
+ " invalid non-numeric character(s)";
}
if (sMessage == "")
if (iState == 1 || iState == 6 || iState == 7)
sMessage = "Illegal number: " + sVal;
else if (iState == 0)
nValue = 0;
if (sMessage != "")
{
alert(sMessage);
nValue = nErrorNumber;
}
return nValue
}
// DollarFormat -- could be jazzed up to produce "CR" or "DB"
function DollarFormat(nVal, iW, iD)
{
return GenFmt(nVal, iW, iD, 1);
}
function Format(nVal, iW, iD)
{
return GenFmt(nVal, iW, iD, 0);
}
function GenFmt(nVal, iW, iD, bDollar) // format val into w chars,
// d digs after decimal point
{
var sOut = "";
var iSign = 0;
nVal = Round(nVal, iD);
if (nVal < 0)
{
nVal = - nVal;
iSign = 1;
}
var iInt = Math.round(nVal);
if (iD > 0)
iInt = Math.floor(nVal);
var nFp = nVal - iInt;
var iDigs = 1;
if (iInt > 9)
iDigs = Math.floor(Math.log(iInt+.1)/Math.log(10)) + 1;
var iLeft = iW - iSign - (bDollar ? 1 : 0);
if (iD > 0)
iLeft -= iD + 1;
if (iLeft > iDigs)
sOut += sBlanks.substring(0, iLeft - iDigs);
if (iSign)
sOut += '-';
if (bDollar)
sOut += '$';
sOut += iInt;
if (iD > 0)
{
nFp = Math.round((1 + nFp) * Power(iD));
sOut += '.' + String(nFp).substring(1);
}
return sOut;
}
function PrepadString(sStr, iW)
{
if (sStr.length < iW)
sStr = sBlanks.substring(0, iW - sStr.length) + sStr;
return sStr;
}
function CenterString(sStr, iW)
{
var iBlanks = iW - sStr.length;
if (iBlanks > 0)
sStr = sBlanks.substring(0, Math.floor(iBlanks/2)) + sStr
+ sBlanks.substring(0, iBlanks - Math.floor(iBlanks/2));
return sStr;
}