🏡 Home Purchase Calculator Instructions
📋 Enter Purchase Price of the Home:
- Input the total cost of the home you plan to purchase in the “Purchase Price of the Home” field.
💲 Enter Interest Rate (%):
- Provide the annual mortgage interest rate as a percentage in the “Interest Rate (%)” field.
- Example: 6.85%
💰 Enter Current Savings:
- Fill in the amount you currently have saved in the “Current Savings” field.
🔢 Enter Down Payment Percentage (%):
- Specify the percentage of the home price that you plan to pay upfront in the “Down Payment Percentage (%)” field.
🔄 View Down Payment Amount:
- The “Down Payment Amount” will be automatically calculated and displayed based on the percentage you provided.
🧾 Enter Closing Costs Percentage (%):
- Default value is set to 3%. Adjust if necessary in the “Closing Costs Percentage (%)” field.
🧮 Calculate Home Purchase:
- Click the “Calculate” button to compute the total savings needed and the shortfall amount.
💹 Adjust Investment Amount:
- Use the slider to adjust the investment percentage to see how it impacts the time to achieve your savings goal.
📊 Review LPS Down Payment Assistance Details:
- The calculator will show:
- Investment Required
- Estimated Time to Reach Goal in days, weeks, and months
- Compounding Rate (1% to 2% daily)
By following these steps, you can efficiently use the Home Purchase Calculator to plan your home purchase, understand the amount of money you need to save, and develop a strategy to reach your savings goal.