";
var shBeginTable2 =
"";
var shBeginRow1 = "";
var shBeginRow2 = "
";
var shEndRow = "
";
var shCell1 = "%s"
+ " | ";
var shCell1 = "%s | ";
var shCell2 = "%s | ";
var shEndPage = "Back"
function EmitRow1(s1, s2)
{
Emit(shBeginRow1);
Emit1(shCell1, s1);
Emit1(shCell2, s2);
Emit(shEndRow);
}
var shLongText = ""
+ "
| Your total monthly lender" + sNl
+ "payment includes monthly mortgage principal and" + sNl
+ "interest plus monthly property tax and home insurance" + sNl
+ "costs (also known as \"PITI\"). |
" + sNl + sNl
+ "
Your total monthly debt" + sNl
+ "payment includes monthly mortgage principal and" + sNl
+ "interest plus monthly property tax and home insurance" + sNl
+ "costs, PLUS any other debt payments you must pay every" + sNl
+ "month. |
" + 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
+ "
The 28% Qualifying Annual" + sNl
+ "Income is the amount that you need to earn to meet" + sNl
+ "the housing expense guideline used by lenders to" + sNl
+ "determine the mortgage amount they will lend to a home" + sNl
+ "buyer. Lenders generally say that the total monthly lender" + sNl
+ "payment plus the total monthly PMI payment (if applicable)" + sNl
+ "should not exceed 28 percent of the homeowner's gross monthly" + sNl
+ "income. |
" + sNl + sNl
+ "
The 36% Qualifying Annual" + sNl
+ "Income is the amount that you need to earn to meet" + sNl
+ "the long term debt guideline used by lenders to" + sNl
+ "determine the mortgage amount they will lend to a home" + sNl
+ "buyer. Lenders generally say that the total monthly debt" + sNl
+ "payment plus the total monthly PMI payment (if applicable)" + sNl
+ "should not exceed 36 percent of the homeowner's gross monthly" + sNl
+ "income. |
" + sNl + sNl
+ "
As long as your total gross" + sNl
+ "annual income (salary plus interest, rental and" + sNl
+ "dividend income) meets BOTH the 28% Qualifying" + sNl
+ "Annual Income and the 36% Qualifying Annual Income," + sNl
+ "you will likely qualify. |
" + sNl + sNl;
function Initialize(oForm)
{
if (0 && bDebug)
{
oForm.appn0001.value = 800;
oForm.appn0002.value = 1616;
oForm.appn0003.value = 1000;
oForm.appn0004.value = 1000;
oForm.appn0005.value = 100000;
oForm.appn0006.value = 20000;
}
}
function Execute(oForm)
{
var iError = 0;
var nPayment, nAnnualTax, nAnnualInsurance, nMonthlyDebt;
var nSalePrice, nDownPayment;
var nPrincipal, nInputInterest, iYears;
var nLenderPayment = 0, nDebtPayment = 0, nPmiPayment = 0;
var nQualify28 = 0, nQualify36 = 0, nQualifyMinimum = 0;
// if ( (nPayment = Validate(oForm.appn0001.value, 0)) == nErrorNumber)
// iError = 100;
if ( (nAnnualTax = Validate(oForm.appn0002.value, 0)) == nErrorNumber)
iError = 110;
else if ( (nAnnualInsurance = Validate(oForm.appn0003.value, 0)) == nErrorNumber)
iError = 120;
else if ( (nMonthlyDebt = Validate(oForm.appn0004.value, 0)) == nErrorNumber)
iError = 130;
else if ( (nSalePrice = Validate(oForm.appn0005.value, 0)) == nErrorNumber)
iError = 140;
else if ( (nDownPayment = Validate(oForm.appn0006.value, 0)) == nErrorNumber)
iError = 150;
// else if ( (nPrincipal = Validate(oForm.appn0007.value, 0)) == nErrorNumber)
// iError = 160;
else if ( (nInputInterest = Validate(oForm.appn0008.value, 0)) == nErrorNumber)
iError = 170;
else if ( (iYears = Validate(oForm.appn0009.value, 1)) == nErrorNumber)
iError = 180;
if (!iError)
{
var sMessage = "";
if (nPayment == 0)
sMessage = "Please enter Monthly Mortgage Principal/Interest";
else if (nPayment < 0)
sMessage = "Monthly Mortgage Principal/Interest must be positive";
else if (nAnnualTax == 0)
sMessage = "Please enter Expected Annual Property Tax";
else if (nAnnualTax < 0)
sMessage = "Expected Annual Property Tax must be positive";
else if (nAnnualInsurance == 0)
sMessage = "Please enter Expected Annual Home Insurance Costs";
else if (nAnnualInsurance < 0)
sMessage = "Expected Annual Home Insurance Costs must be positive";
// else if (nMonthlyDebt == 0)
// sMessage = "Please enter Expected Monthly Debt Payments";
else if (nMonthlyDebt < 0)
sMessage = "Expected Monthly Debt Payments must be positive or zero";
else if (nSalePrice == 0)
sMessage = "Please enter Sale Price of Home";
else if (nSalePrice < 0)
sMessage = "Sale Price of Home must be positive";
else if (nDownPayment == 0)
sMessage = "Please enter Down Payment";
else if (nDownPayment < 0)
sMessage = "Down Payment must be positive";
else if (nDownPayment < .03*nSalePrice)
sMessage = "Down Payment must be equal to at least 3% of "
+ "the sale price of the home";
else if (nInputInterest == 0)
sMessage = "Please enter an interest rate";
else if (nInputInterest < 0)
sMessage = "Interest rate must be positive";
else if (iYears == 0)
sMessage = "Please enter amortized length (in Years)";
else if (iYears < 0)
sMessage = "Amortized length (in Years) must be positive";
nPrincipal = nSalePrice - nDownPayment;
if (nPrincipal < 0)
nPrincipal = 0;
var iMonths = 12 * iYears;
var nPercent = nInputInterest / 1200;
if (sMessage != "")
{
iError = 170;
alert(sMessage);
}
}
if (!iError)
{
nPayment = nPrincipal / PresentValue(1, nPercent, iMonths);
nPayment = Round(nPayment + .005, 2);
nLenderPayment = Round(nPayment + nAnnualTax/12
+ nAnnualInsurance/12, 2);
nDebtPayment = nLenderPayment + nMonthlyDebt;
// nPmiPayment = Round((nDownPayment >= .2 * nSalePrice) ? 0
// : .07 / 12 * (nSalePrice - nDownPayment), 2);
// nPmiPayment = Round((nDownPayment >= .2 * nSalePrice) ? 0
// : .07 / 12 * nSalePrice, 2);
nPmiPayment = Round((nDownPayment >= .2 * nSalePrice) ? 0
: .007 / 12 * (nSalePrice - nDownPayment), 2);
nQualify28 = Round((nLenderPayment + nPmiPayment) * (12/.28), 2);
nQualify36 = Round((nDebtPayment + nPmiPayment) * (12/.36), 2);
nQualifyMinimum = nQualify28;
if (nQualifyMinimum < nQualify36)
nQualifyMinimum = nQualify36;
Emit1(shStart, "Income Requirement Calculator Results<\/span>");
// Emit1(shHeadGif, "gifs\income_calc_results.gif");
Emit1(shHeading2, "Income Requirement Calculator Results<\/span>");
Emit(shBeginTable1);
EmitRow1("Total Monthly Lender Payment",
DollarFormat(nLenderPayment, 0, 2));
EmitRow1("Total Monthly Debt Payment",
DollarFormat(nDebtPayment, 0, 2));
EmitRow1("Total Monthly PMI Payment",
DollarFormat(nPmiPayment, 0, 2));
EmitRow1("28% Qualifying Annual Income",
DollarFormat(nQualify28, 0, 2));
EmitRow1("36% Qualifying Annual Income",
DollarFormat(nQualify36, 0, 2));
EmitRow1("Minimum Qualifying Annual Income",
DollarFormat(nQualifyMinimum, 0, 2));
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;
}