New website is HERE. It has been permanently linked in right pane as "Making Home Affordable Plan".
Within site, NEW Loan Modification Program on line tool (Payment Reduction Estimator) has been added HERE, allowing families to estimate savings using loan modification program.
Example of one family who might qualify for loan modification is shown in the link HERE. (Rather lame IMO, as the potential savings for the family are not shown in the example).
Showing posts with label calculator. Show all posts
Showing posts with label calculator. Show all posts
Thursday, March 19, 2009
Wednesday, February 18, 2009
UPDATE: HASP Note 2: Excel Subprime Loan Modification Cost Calculator.
NOTE: Excel link below no longer works. New estimator was substituted and updated; see post HERE.
One aspect of the HASP plan announced this morning is a program that would encourage loan modifications for "subprime" borrowers. General idea is that as part of loan modification lender would modify loan with a TEMPORARY (up to 5 year) reduction in interest rate so that the borrowers payment would be reduced to 38% of their income. Government would then cover the costs necessary to reduce the borrowers payment to 31% of their income.
I have thrown together an Excel calculator that shows how this might work out HERE. (right click it to download and then open the downloaded file).It includes a baseline set of assumptions and then two scenarios where either the borrowers current payment or their income is less. Current version number is .8, I may tweak and update versions as more information becomes available.
If you want to experiment with other examples ONLY change entries in line 1 and 3.
Bottom line: Lender and Government 5 year costs are shown on lines 10 and 11.
If you discover problems with the calculator drop me an email at housepdx@gmail.com
One aspect of the HASP plan announced this morning is a program that would encourage loan modifications for "subprime" borrowers. General idea is that as part of loan modification lender would modify loan with a TEMPORARY (up to 5 year) reduction in interest rate so that the borrowers payment would be reduced to 38% of their income. Government would then cover the costs necessary to reduce the borrowers payment to 31% of their income.
I have thrown together an Excel calculator that shows how this might work out HERE. (right click it to download and then open the downloaded file).It includes a baseline set of assumptions and then two scenarios where either the borrowers current payment or their income is less. Current version number is .8, I may tweak and update versions as more information becomes available.
If you want to experiment with other examples ONLY change entries in line 1 and 3.
Bottom line: Lender and Government 5 year costs are shown on lines 10 and 11.
If you discover problems with the calculator drop me an email at housepdx@gmail.com
Thursday, October 25, 2007
Links Section Has Three New Additions: Two Calculators and Oregon Metro Sales Price Tracker.
In link section in right panel of the blog I have added three additional links.The first is NY Times Rent vs. Buy calculator that allows variable inputs and returns results in a graph form. The second calculator is an OFHEO calculator that allows you to find within any state or metro market in the country an estimated sales price for any quarter once you have entered the sales price from any other quarter. (For both Portland and the Oregon you may enter a purchase for any quarter starting in1975!).
The third added link is to a site that uses OFHEO Home Price Index data to produce graphs for metro areas in Oregon showing repeat home sales price changes over time. (Site also has lots of other home price data).
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