KJE.Default.TaxRate=25;KJE.Default.TaxRateRetire=15;KJE.Default.TaxRateCapGain=15;KJE.Default.StateTaxRate=8;KJE.Default.IncomeTaxTableTaxYear="Use the table below to assist you in estimating your federal tax rate.
10% | $0 - $18,650 | $0 - $9,325 | $0 - $13,350 | $0 - $9,325 |
---|
15% | $18,650 - $75,900 | $9,325 - $37,950 | $13,350 - $50,800 | $9,325 - $37,950 |
---|
25% | $75,900 - $153,100 | $37,950 - $91,900 | $50,800 - $131,200 | $37,950 - $76,550 |
---|
28% | $153,100 - $233,350 | $91,900 - $191,650 | $131,200 - $212,500 | $76,550 - $116,675 |
---|
33% | $233,350 - $416,700 | $191,650 - $416,700 | $212,500 - $416,700 | $116,675 - $208,350 |
---|
35% | $416,700 - $470,700 | $416,700 - $418,400 | $416,700 - $444,550 | $208,350 - $235,350 |
---|
39.6% | Over $470,700 | Over $418,400 | Over $444,550 | Over $235,350 |
---|
";KJE.Default.IncomeTaxTableCurrent=KJE.Default.IncomeTaxTableTaxYear;KJE.Default.StandardDeductionTaxYear="Married Filing Joint | $12,700 |
Qualified Widow(er) | $12,700 |
Single | $6,350 |
Heads of Household | $9,350 |
Married Filing Separately | $6,350 |
";KJE.Default.StandardDeductionCurrent=KJE.Default.StandardDeductionTaxYear;KJE.definitions.set("**TAXTABLE_CURRENT_DEFINITION**",KJE.Default.IncomeTaxTableCurrent);KJE.definitions.set("**TAXTABLE_TAXYEAR_DEFINITION**",KJE.Default.IncomeTaxTableTaxYear);KJE.definitions.set("**STANDARDDEDUCTION_CURRENT_DEFINITION**",KJE.Default.StandardDeductionCurrent);KJE.definitions.set("**STANDARDDEDUCTION_TAXYEAR_DEFINITION**",KJE.Default.StandardDeductionTaxYear);KJE.MortgageRentvsBuyCalc=function(){this.PROVINCE_SELECTED=-1;this.GROSS_SALE_TAX=0;this.GST_TOTAL_REBATE=0;this.HST_TOTAL_REBATE=0;this.MAINTENANCE=0;this.bUSE_FLEX=false;this.OTHER_CLOSING_COSTS_RATE=0;this.USE_OTHER_FEES_AMOUNT=true;this.LOAN_ORIGINATION_AMT=0;this.PROPERTY_TAX_AMT=0;this.ANNUAL_REPORT_PERIOD=true;this.GST_TAX=0;this.GST_TAX_USE=false;this.TOTAL_CMHC=0;this.RATE_CMHC=0;this.LOAN_TO_VALUE=0;this.TOTAL_ACTUAL_CMHC=0;this.bMORTGAGE_INSURANCE=true;this.PMI_RATE=KJE.parameters.get("PMI_RATE",0.5);this.MONTHLY_PMI=KJE.parameters.getSet("MONTHLY_PMI",0);this.PMI_CALCULATE=KJE.parameters.get("PMI_CALCULATE",true);this.PMI_PERCENTAGE=KJE.parameters.get("PMI_PERCENTAGE",0.2);this.oldLOAN_AMOUNT=0;this.oldDOWNPAYMENT_20=0;this.CMHC_SHOW_ALL_RATES=KJE.parameters.get("CMHC_SHOW_ALL_RATES",false);this.USE_OTHER_FEES_AMOUNT=KJE.parameters.get("USE_OTHER_FEES_AMOUNT",true);this.MSG_RESULT1=KJE.parameters.get("MSG_RESULT1","Your home purchase breaks even in approximately BREAKEVEN_YEARS years.");this.MSG_DESC1=KJE.parameters.get("MSG_DESC1","If you cannot remain in your home for at least BREAKEVEN_YEARS years you should consider continuing to rent.");this.MSG_RESULT2=KJE.parameters.get("MSG_RESULT2","Your home purchase does not break even after LENGTH_OF_LOAN years.");this.MSG_DESC2=KJE.parameters.get("MSG_DESC2","Your home purchase does not break even after LENGTH_OF_LOAN years. You should consider continuing to rent.");this.MSG_ERROR1=KJE.parameters.get("MSG_ERROR1","You do not have enough cash on hand to cover your closing costs.");var a=this.CAMORTGAGE=KJE.parameters.get("CAMORTGAGE",false);this.MSG_REMAINING_CASH=KJE.parameters.get("MSG_REMAINING_CASH","Remaining cash");this.MSG_LOAN_ORIGINATION_RATE=KJE.parameters.get("MSG_LOAN_ORIGINATION_RATE",a?"Mortgage fee":"Loan origination");this.MSG_POINTS_PAID_NBR=KJE.parameters.get("MSG_POINTS_PAID_NBR","Points paid");this.MSG_OTHER_CLOSING_COSTS=KJE.parameters.get("MSG_OTHER_CLOSING_COSTS","Other closing costs");this.MSG_GRAPH3=KJE.parameters.get("MSG_GRAPH3","Net house payment");this.MSG_GRAPH4=KJE.parameters.get("MSG_GRAPH4","Rent payment");this.MSG_GRAPH5=KJE.parameters.get("MSG_GRAPH5","Monthly Payment Breakdown");this.MSG_GRAPH6=KJE.parameters.get("MSG_GRAPH6","House payment");this.MSG_GRAPH7=KJE.parameters.get("MSG_GRAPH7","Initial tax savings");this.MSG_GRAPH8=KJE.parameters.get("MSG_GRAPH8","Initial principal payment");this.DS_RENT=null;this.DS_INVESTMENT_TOTAL=null;this.DS_PMI=null;this.DS_EQUITY=null;this.DS_EQUITY_AFTER_COSTS=null;this.DS_INTEREST=null;this.DS_INSURANCE=null;this.DS_TAXES=null;this.DS_PROPERTY_TAXES=null;this.DS_MONTHLY_TOTAL_PMT=null;this.DS_NET_HOME_COST=null;this.DS_HOME_VALUE=null;this.DS_HOME_EQUITY=null;this.sCat4=new Array((a?4:5));this.DS_G4=KJE.FloatArray((a?4:5));this.cats2=new Array((a?4:5));this.DS_G2=KJE.FloatArray((a?4:5));this.sSchedule=new KJE.Repeating()};KJE.MortgageRentvsBuyCalc.prototype.clear=function(){this.PRICE_OF_HOME=0;this.MAXIMUM_20_DOWN=false;this.DOWNPAYMENT_CLOSING_CASH=0;this.PROPERTY_TAX_RATE=0;this.HOME_INSURANCE_RATE=0;this.INTEREST_RATE=0;this.LENGTH_OF_LOAN=0;this.LOAN_ORIGINATION_RATE=0;this.POINTS_PAID_NBR=0;this.OTHER_CLOSING_COSTS=0;this.TAX_RATE=0;this.MONTHLY_RENT=0;this.INFLATION_RATE=0;this.INVESTMENT_RETURN=0;this.HOME_APPRECIATION_RATE=0;this.HOME_COMMISION_RATE=0};KJE.MortgageRentvsBuyCalc.prototype.calculate=function(S){var d=KJE;var N=this.PRICE_OF_HOME;var A=this.DOWNPAYMENT_CLOSING_CASH;var aa=this.PROPERTY_TAX_RATE;var F=this.HOME_INSURANCE_RATE;var c=this.INTEREST_RATE;var L=this.LENGTH_OF_LOAN;var C=this.LOAN_ORIGINATION_RATE;var j=this.POINTS_PAID_NBR;var g=this.OTHER_CLOSING_COSTS;var h=this.TAX_RATE;var a=this.MONTHLY_RENT;var t=this.INFLATION_RATE;var x=this.INVESTMENT_RETURN;var H=this.HOME_APPRECIATION_RATE;var s=this.HOME_COMMISION_RATE;var b=0;var P=0;var G=0;var I=this.MONTHLY_PMI;var J=0;var z=false;var f=N/2;var v=N;var V=0;var Z=0;var u=N*this.PMI_PERCENTAGE;var ac=this.CAMORTGAGE;if(ac){this.ENTERED_INTEREST_RATE=c;c=(Math.pow(1+(c/200),(1/6))-1)*1200}this.GST_TAX=0;if(ac){var U=KJE.Default.getGST(this.GST_TAX_USE,N,this.PROVINCE_SELECTED);this.GST_TAX=U.N;this.GROSS_SALE_TAX=U.G;this.GST_TOTAL_REBATE=U.R1;this.HST_TOTAL_REBATE=U.R2}while(z==false){this.LOAN_ORIGINATION_AMT=(ac?this.LOAN_ORIGINATION_AMT:v*(C/100));if(!this.USE_OTHER_FEES_AMOUNT){g=d.round((this.OTHER_CLOSING_COSTS_RATE/100)*v,2)}b=v*(j/100);P=this.GST_TAX+b+this.LOAN_ORIGINATION_AMT+g;G=A-P;if((G>u)&&(this.MAXIMUM_20_DOWN==1)&&(!ac)){G=u}if(ac){v=N-G;this.RATE_CMHC=KJE.Default.getCMHCRate(v,G,N,this.bUSE_FLEX,L,this.CMHC_SHOW_ALL_RATES);this.TOTAL_ACTUAL_CMHC=v*this.RATE_CMHC;this.RATE_CMHC=(this.bMORTGAGE_INSURANCE?this.RATE_CMHC:0);this.TOTAL_CMHC=v*this.RATE_CMHC;v=v+this.TOTAL_CMHC}else{this.RATE_CMHC=0;this.TOTAL_CMHC=0}Z=v+G-this.TOTAL_CMHC;if(Math.round(N*1000)==Math.round(Z*1000)){z=true}else{if(N>Z){v+=f}else{v-=f}}if(v<0){v=0}f=(f/2);V++;if(V>50){z=true}}if(G<(ac?KJE.Default.DownpaymentForPurchasePrice(N):0)){throw (KJE.getKJEReplaced(this.MSG_ERROR1,ac?d.dollars(KJE.Default.DownpaymentForPurchasePrice(N),0):""))}if(v==0){G=N}if(ac){I=0}else{if(this.PMI_CALCULATE&&(u!=this.oldDOWNPAYMENT_20||v!=this.oldLOAN_AMOUNT)){if(u>G){I=v*(this.PMI_RATE/1200)}else{I=0}}this.oldLOAN_AMOUNT=v;this.oldDOWNPAYMENT_20=u}var O=N*(F/100);if(!ac){this.PROPERTY_TAX_AMT=N*(aa/100)}var E=O/12;var af=this.PROPERTY_TAX_AMT/12;var p=P+u;var ag=d.round(KJE.PMT(c/1200,L*12,v),2);var r=af+E+ag+I+this.MAINTENANCE;var e=Math.round(L);var ad=0;this.DS_RENT=KJE.FloatArray(e);this.DS_INVESTMENT_TOTAL=KJE.FloatArray(e);this.DS_PMI=KJE.FloatArray(e);this.DS_EQUITY=KJE.FloatArray(e);this.DS_INTEREST=KJE.FloatArray(e);this.DS_INSURANCE=KJE.FloatArray(e);this.DS_TAXES=KJE.FloatArray(e);this.DS_PROPERTY_TAXES=KJE.FloatArray(e);this.DS_MONTHLY_TOTAL_PMT=KJE.FloatArray(e);this.DS_NET_HOME_COST=KJE.FloatArray(e);this.DS_HOME_VALUE=KJE.FloatArray(e);this.DS_HOME_EQUITY=KJE.FloatArray(e);this.DS_EQUITY_AFTER_COSTS=KJE.FloatArray(e);this.cats=["1","2","3","4","5","6","7","8","9","10"];if(S){var D=this.sSchedule;var o=(this.ANNUAL_REPORT_PERIOD?D.sReportCol("
Year",7):D.sReportCol("
Nbr",1));D.clearRepeat();D.addHeader(o,D.sReportCol("House
Payment (PITI)",2),(ac?"":D.sReportCol("Payment
After-Tax Savings",3)),D.sReportCol("Rent
Payment",4),D.sReportCol("Value of
Investment",5),D.sReportCol("Home
Equity",6))}var Y=0;var q=0;var y=0;var w=0;var B=0;var T=0;var R=a;var m=G+P;var l=E;var ah=af;var M=N-v;var W=N;var Q=this.MAINTENANCE;var ab=KJE.ROR_MONTH(x/100);var K=v;var k=(W-K)-(W*s/100);var ae=(W*(H/1200));ad=0;for(var X=1;X<=e*12;X++){if(((X-1)%12)==0&&X!=1){R*=(1+(t/100));l=W*(F/1200);Q*=(1+(t/100));if(ac){ah*=(1+(t/100))}else{ah=W*(aa/1200)}ae=(W*(H/1200))}y=d.round(c/1200*K,2);q=ag-y;K-=q;if(K<0){K=0;q=ag-K-y}if(e*12==X){if(K>0.005){K=0;q=ag+K-y}else{K=0}}if(!ac&&u>(N-K)){if(this.PMI_CALCULATE){Y=v*(this.PMI_RATE/1200)}else{Y=I}}else{Y=0}B=l+ah+y+q+Y+Q;w=(y+ah)*(h/100);m=m*(1+ab)+(B-R-w);T=B-w-q;W+=ae;M=W-K;k=M-(W*s/100);if(J==0){if(k>m){J=(X)/12}}this.DS_RENT[ad]=R;this.DS_PMI[ad]=Y;this.DS_EQUITY[ad]=q;this.DS_INTEREST[ad]=y;this.DS_INSURANCE[ad]=l;this.DS_TAXES[ad]=w;this.DS_PROPERTY_TAXES[ad]=ah;this.DS_MONTHLY_TOTAL_PMT[ad]=B;this.DS_NET_HOME_COST[ad]=T;this.DS_HOME_VALUE[ad]=(W);this.DS_HOME_EQUITY[ad]=(M);this.DS_EQUITY_AFTER_COSTS[ad]=(k);this.DS_INVESTMENT_TOTAL[ad]=(m<0?0:m);if(((X-1)%12)==0&&X!=1){ad++}if(((X%12)==0)||!this.ANNUAL_REPORT_PERIOD){if(S){D.addRepeat((this.ANNUAL_REPORT_PERIOD?ad+1:X),d.dollars(B,2),(ac?"":d.dollars(T+q,2)),d.dollars(R,2),d.dollars(m),d.dollars(k))}}}this.HOME_INSURANCE_AMT=O;this.POINTS_PAID_AMT=b;this.TOTAL_CLOSING_COSTS=P;this.TOTAL_FOR_DOWNPAYMENT=G;this.LOAN_AMOUNT=v;this.DOWNPAYMENT_20=u;this.CLOSING_CLOSING_COSTS_20=p;this.HOME_INSURANCE_MONTHLY=E;this.PROPERY_TAX_MONTHLY=af;this.MONTHLY_PI=ag;this.MONTHLY_PMI=I;this.MONTH_PMI_EXEMPT=(G>=u);this.MONTHLY_TOTAL_PMT=r;this.BREAKEVEN_YEARS=J;X=0;this.DS_G4[X]=this.TOTAL_FOR_DOWNPAYMENT;this.sCat4[X++]=this.MSG_DOWNPAYMENT+" "+d.dollars(this.TOTAL_FOR_DOWNPAYMENT);this.DS_G4[X]=this.LOAN_ORIGINATION_AMT;this.sCat4[X++]=this.MSG_LOAN_ORIGINATION_RATE+" "+d.dollars(this.LOAN_ORIGINATION_AMT);if(!ac){this.DS_G4[X]=this.POINTS_PAID_AMT;this.sCat4[X++]=this.sCat4[2]=this.POINTS_PAID_NBR+" "+d.dollars(this.POINTS_PAID_AMT)}this.DS_G4[X]=this.OTHER_CLOSING_COSTS;this.sCat4[X++]=this.MSG_OTHER_CLOSING_COSTS+" "+d.dollars(this.OTHER_CLOSING_COSTS);this.DS_G4[X]=(this.DOWNPAYMENT_CLOSING_CASH-this.TOTAL_CLOSING_COSTS-this.TOTAL_FOR_DOWNPAYMENT);this.sCat4[X]=this.MSG_REMAINING_CASH+" "+d.dollars(this.DOWNPAYMENT_CLOSING_CASH-this.TOTAL_CLOSING_COSTS-this.TOTAL_FOR_DOWNPAYMENT);this.RESULT_MESSAGE_MAIN=this.MSG_RESULT2;if(this.BREAKEVEN_YEARS>0&&this.BREAKEVEN_YEARS<=this.LENGTH_OF_LOAN){this.RESULT_MESSAGE_MAIN=this.MSG_RESULT1}this.RESULT_MESSAGE_MAIN=KJE.replace("BREAKEVEN_YEARS",d.number(this.BREAKEVEN_YEARS,1),this.RESULT_MESSAGE_MAIN);this.RESULT_MESSAGE_MAIN=KJE.replace("LENGTH_OF_LOAN",d.number(this.LENGTH_OF_LOAN),this.RESULT_MESSAGE_MAIN);X=0;this.cats2[X++]=this.MSG_GRAPH4+" "+d.dollars(this.DS_RENT[0]);this.cats2[X++]=this.MSG_GRAPH6+" "+d.dollars(this.DS_MONTHLY_TOTAL_PMT[0]);if(!ac){this.cats2[X++]=this.MSG_GRAPH7+" "+d.dollars(this.DS_TAXES[0])}this.cats2[X++]=this.MSG_GRAPH8+" "+d.dollars(this.DS_EQUITY[0]);this.cats2[X++]=this.MSG_GRAPH3+" "+d.dollars(this.DS_NET_HOME_COST[0]);X=0;this.DS_G2[X++]=this.DS_RENT[0];this.DS_G2[X++]=this.DS_MONTHLY_TOTAL_PMT[0];if(!ac){this.DS_G2[X++]=this.DS_TAXES[0]}this.DS_G2[X++]=this.DS_EQUITY[0];this.DS_G2[X++]=this.DS_NET_HOME_COST[0]};KJE.MortgageRentvsBuyCalc.prototype.formatReport=function(b){var c=KJE;var a=this.iDecimal;var d=b;d=KJE.replace("MSG_INSURANCE_NOT_INCLUDED",(this.TOTAL_CMHC==this.TOTAL_ACTUAL_CMHC?"":KJE.Default.MSG_INSURANCE_NOT_INCLUDED),d);if(this.BREAKEVEN_YEARS>0&&this.BREAKEVEN_YEARS<=this.LENGTH_OF_LOAN){d=KJE.replace("RESULT_MESSAGE_MAIN",this.MSG_RESULT1,d);d=KJE.replace("RESULT_MESSAGE_ADVICE",this.MSG_DESC1,d)}else{d=KJE.replace("RESULT_MESSAGE_MAIN",this.MSG_RESULT2,d);d=KJE.replace("RESULT_MESSAGE_ADVICE",this.MSG_DESC2,d)}d=KJE.replace("PRICE_OF_HOME",c.dollars(this.PRICE_OF_HOME),d);d=KJE.replace("MAXIMUM_20_DOWN",c.yesno(this.MAXIMUM_20_DOWN),d);d=KJE.replace("DOWNPAYMENT_CLOSING_CASH",c.dollars(this.DOWNPAYMENT_CLOSING_CASH),d);d=KJE.replace("PROPERTY_TAX_RATE",c.percent(this.PROPERTY_TAX_RATE/100,3),d);if(!this.GST_TAX_USE){d=KJE.replace("SALES_TAX_EXPLANATION_EXTRA","",d);d=KJE.replace("SALES_TAX_EXPLANATION","",d)}else{if(this.PROVINCE_SELECTED>=0){d=KJE.replace("SALES_TAX_EXPLANATION_EXTRA",KJE.Default.SALES_TAX_EXPLANATION_EXTRA[this.PROVINCE_SELECTED],d);d=KJE.replace("SALES_TAX_EXPLANATION",KJE.Default.SALES_TAX_EXPLANATION,d);d=KJE.replace("PROVINCE_NAME",KJE.Default.PROVINCES[this.PROVINCE_SELECTED],d);d=KJE.replace("SALE_TAX_TYPE",KJE.Default.SALE_TAX_TYPE[this.PROVINCE_SELECTED],d);d=KJE.replace("SALE_TAX_RATE",c.percent(KJE.Default.SALE_TAX_RATE[this.PROVINCE_SELECTED],3),d);d=KJE.replace("GROSS_SALE_TAX",c.dollars(this.GROSS_SALE_TAX),d);d=KJE.replace("GST_TOTAL_REBATE",c.dollars(this.GST_TOTAL_REBATE),d);d=KJE.replace("HST_TOTAL_REBATE",c.dollars(this.HST_TOTAL_REBATE),d);d=KJE.replace("PURCHASE_PRICE",c.dollars(this.PRICE_OF_HOME),d)}else{d=KJE.replace("SALES_TAX_EXPLANATION_EXTRA","",d);d=KJE.replace("SALES_TAX_EXPLANATION",(KJE.Default.GST_SALES_TAX_EXPLAINATION?KJE.Default.GST_SALES_TAX_EXPLAINATION:""),d)}}d=KJE.replace("SALE_TAX_TYPE","GST",d);d=KJE.replace("GST_TAX_RATE",(KJE.Default.GST_TAX_RATE?c.percent(KJE.Default.GST_TAX_RATE,0):""),d);d=KJE.replace("TAX_RATE",c.percent(this.TAX_RATE/100,2),d);d=KJE.replace("HOME_INSURANCE_RATE",c.percent(this.HOME_INSURANCE_RATE/100,3),d);d=KJE.replace("INTEREST_RATE",c.percent((this.CAMORTGAGE?this.ENTERED_INTEREST_RATE:this.INTEREST_RATE)/100,3),d);d=KJE.replace("LENGTH_OF_LOAN",c.number(this.LENGTH_OF_LOAN),d);d=KJE.replace("LOAN_ORIGINATION_RATE",c.percent(this.LOAN_ORIGINATION_RATE/100,3),d);d=KJE.replace("POINTS_PAID_NBR",c.number(this.POINTS_PAID_NBR),d);d=KJE.replace("PMI_RATE",c.percent(this.PMI_RATE/100,3),d);d=KJE.replace("OTHER_CLOSING_COSTS",c.dollars(this.OTHER_CLOSING_COSTS),d);d=KJE.replace("HOME_INSURANCE_AMT",c.dollars(this.HOME_INSURANCE_AMT,2),d);d=KJE.replace("LOAN_ORIGINATION_AMT",c.dollars(this.LOAN_ORIGINATION_AMT,0),d);d=KJE.replace("PROPERTY_TAX_AMT",c.dollars(this.PROPERTY_TAX_AMT,2),d);d=KJE.replace("POINTS_PAID_AMT",c.dollars(this.POINTS_PAID_AMT,2),d);d=KJE.replace("TOTAL_CLOSING_COSTS",c.dollars(this.TOTAL_CLOSING_COSTS+this.TOTAL_CMHC,2),d);d=KJE.replace("TOTAL_FOR_DOWNPAYMENT",c.dollars(this.TOTAL_FOR_DOWNPAYMENT),d);d=KJE.replace("LOAN_AMOUNT",c.dollars(this.LOAN_AMOUNT),d);d=KJE.replace("DOWNPAYMENT_20",c.dollars(this.DOWNPAYMENT_20),d);d=KJE.replace("CLOSING_CLOSING_COSTS_20",c.dollars(this.CLOSING_CLOSING_COSTS_20),d);d=KJE.replace("HOME_INSURANCE_MONTHLY",c.dollars(this.HOME_INSURANCE_MONTHLY,2),d);d=KJE.replace("PROPERY_TAX_MONTHLY",c.dollars(this.PROPERY_TAX_MONTHLY,2),d);d=KJE.replace("MONTHLY_PI",c.dollars(this.MONTHLY_PI,2),d);d=KJE.replace("MONTHLY_PMI",c.dollars(this.MONTHLY_PMI,2),d);d=KJE.replace("TOTAL_CMHC",c.dollars(this.TOTAL_CMHC),d);d=KJE.replace("RATE_CMHC",c.percent(this.RATE_CMHC,2),d);d=KJE.replace("GST_TAX",c.dollars(this.GST_TAX),d);d=KJE.replace("MONTHLY_TOTAL_PMT",c.dollars(this.MONTHLY_TOTAL_PMT,2),d);d=KJE.replace("MONTHLY_TOTAL_PMT",c.dollars(this.MONTHLY_TOTAL_PMT,2),d);d=KJE.replace("MAINTENANCE",c.dollars(this.MAINTENANCE,2),d);d=KJE.replace("MONTHLY_RENT",c.dollars(this.MONTHLY_RENT),d);d=KJE.replace("INFLATION_RATE",c.percent(this.INFLATION_RATE/100,2),d);d=KJE.replace("INVESTMENT_RETURN",c.percent(this.INVESTMENT_RETURN/100,2),d);d=KJE.replace("HOME_COMMISION_RATE",c.percent(this.HOME_COMMISION_RATE/100,2),d);d=KJE.replace("HOME_APPRECIATION_RATE",c.percent(this.HOME_APPRECIATION_RATE/100,2),d);d=KJE.replace("BREAKEVEN_YEARS",c.number(this.BREAKEVEN_YEARS,1),d);d=KJE.replace("TOTAL_ACTUAL_CMHC",c.dollars(this.TOTAL_ACTUAL_CMHC,2),d);if(this.CAMORTGAGE){d=KJE.replace("REQUIRED_DOWNPAYMENT",c.dollars(KJE.Default.DownpaymentForPurchasePrice(this.PRICE_OF_HOME)),d)}d=d.replace("**REPEATING GROUP**",this.sSchedule.getRepeat());this.sSchedule.clearRepeat();return d};KJE.CalcName="Home Rent vs. Buy Calculator";KJE.CalcType="mortgagerentvsbuy";KJE.CalculatorTitleTemplate="KJE1";KJE.parseInputs=function(a){a=KJE.replace("**TERM**",KJE.getMortgageTermDrop("TERM",30),a);return a};KJE.initialize=function(){KJE.CalcControl=new KJE.MortgageRentvsBuyCalc();KJE.GuiControl=new KJE.MortgageRentvsBuy(KJE.CalcControl)};KJE.MortgageRentvsBuy=function(o){var g=KJE;var b=KJE.gLegend;var k=KJE.inputs.items;this.MSG_GRAPH12=KJE.parameters.get("MSG_GRAPH12","Home Equity vs. Investment");this.MSG_DOWNPAYMENT=KJE.parameters.get("MSG_DOWNPAYMENT","Down payment");var q=KJE.parameters.get("MSG_TOTAL_CLOSING_COSTS","Total closing costs: KJE1");var h=KJE.parameters.get("MSG_MONTHLY_TOTAL","Monthly house payment: KJE1");var c=KJE.parameters.get("MSG_MONTHLY_RENT_LBL","Monthly rent payment: KJE1");this.MSG_GRAPH1=KJE.parameters.get("MSG_GRAPH1","10 Year Projected Monthly Payments");this.MSG_GRAPH2=KJE.parameters.get("MSG_GRAPH2","Year");this.MSG_GRAPH9=KJE.parameters.get("MSG_GRAPH9","Investment total");this.MSG_GRAPH10=KJE.parameters.get("MSG_GRAPH10","Equity in home");this.MSG_GRAPH11=KJE.parameters.get("MSG_GRAPH11","Net sales price");KJE.MortgageAmtSlider("PRICE_OF_HOME","Purchase price");KJE.MortgageTermDropBoxSlider("TERM","Term in years");KJE.MortgageRateSlider("INTEREST_RATE","Interest rate");KJE.DollarSlider("DOWNPAYMENT_CLOSING_CASH","Cash on hand",0,10000000);KJE.PercentSlider("PROPERTY_TAX_RATE","Property tax rate",0,20,2);KJE.PercentSlider("HOME_INSURANCE_RATE","Home insurance",0,10,2);KJE.Label("LOAN_AMOUNT","Loan amount",null,null,"bold");KJE.Label("MONTHLY_PI","Monthly payment (PI)",null,null,"bold");KJE.Label("TOTAL_FOR_DOWNPAYMENT","Total down payment",null,null,"bold");KJE.DollarSlider("MAINTENANCE","Maintenance/Condo Fees",-10000,10000);KJE.PercentSlider("LOAN_ORIGINATION_RATE","Loan origination",0,5,3);KJE.NumberSlider("POINTS_PAID_NBR","Points paid",-4,8,3,0.5);if(o.USE_OTHER_FEES_AMOUNT){KJE.DollarSlider("OTHER_CLOSING_COSTS","Other closing costs",0,10000)}else{KJE.PercentSlider("OTHER_CLOSING_COSTS","Other closing costs",0,5,2)}KJE.PercentSlider("TAX_RATE","Income tax rate",0,50,2);KJE.DollarSlider("MONTHLY_RENT","Monthly rent payment",10,10000);KJE.DollarSlider("MONTHLY_PMI","Monthly PMI",0,1000,2);if(o.PMI_CALCULATE&&!KJE.parameters.get("PMI_SHOW",false)){k.MONTHLY_PMI.hide()}KJE.InflationRateSlider("INFLATION_RATE","Expected inflation",0,20,2);KJE.InvestRateSlider("INVESTMENT_RETURN","After-tax investment return");KJE.PercentSlider("HOME_APPRECIATION_RATE","Home appreciates at",-10,25,2,1);KJE.InvestRateSlider("HOME_COMMISION_RATE","Future sales commission");KJE.Checkbox("MAXIMUM20",KJE.getKJEReplaced(KJE.parameters.get("MSG_LABEL3","Limit downpayment to KJE1"),g.percent(o.PMI_PERCENTAGE)));KJE.Radioboxes("YEAR","Report amortization",true,"Annually","Monthly");if(!KJE.parameters.get("SHOW_MAINTENANCE",false)){k.MAINTENANCE.setValue(0,true)}var j=KJE.gNewGraph(KJE.gLINE,"GRAPH3",true,false,KJE.colorList[1],KJE.parameters.get("MSG_GRAPH10",this.MSG_GRAPH12));j._legend._iOrientation=b.TOP_RIGHT;j._axisX.setVisible(true);j._titleYAxis.setText(KJE.sCurrency);j._titleXAxis.setText(this.MSG_GRAPH2);var m=KJE.gNewGraph(KJE.gCATEGORIES,"GRAPH2",true,true,KJE.colorList[1],KJE.parameters.get("MSG_GRAPH5","Monthly Payment Breakdown"));m._legend._iOrientation=b.TOP_RIGHT;m._axisX.setVisible(false);m._titleYAxis.setText("");m._titleXAxis.setText("");var i=KJE.gNewGraph(KJE.gCOLUMN,"GRAPH1",true,true,KJE.colorList[1],this.MSG_GRAPH1);i._iLimit=10;i._legend._iOrientation=b.TOP_RIGHT;i._titleYAxis.setText("");i._titleXAxis.setText(this.MSG_GRAPH2);var a=KJE.parameters.get("MSG_DROPPER_PAYMENT","Mortgage and Home Expenses:");var f=function(){return a+"|"+KJE.subText(KJE.getKJEReplaced(h,g.dollars(o.MONTHLY_TOTAL_PMT,2)),"KJERightBold")};KJE.addDropper(new KJE.Dropper("INPUTS",true,f,f),KJE.colorList[0]);var d=KJE.parameters.get("MSG_DROPPER_DOWNPAYMENT","Down Payment and Closing Costs:");var n=function(){return d+"|"+KJE.subText(KJE.getKJEReplaced(q,g.dollars(o.TOTAL_CLOSING_COSTS)),"KJERightBold")};KJE.addDropper(new KJE.Dropper("DOWNPAYMENT",false,n,n),KJE.colorList[0]);var p=KJE.parameters.get("MSG_DROPPER_RENT","Rent, Taxes and Inflation:");var e=function(){return p+"|"+KJE.subText(KJE.getKJEReplaced(c,g.dollars(o.MONTHLY_RENT)),"KJERightBold")};KJE.addDropper(new KJE.Dropper("RENT",false,e,e),KJE.colorList[0])};KJE.MortgageRentvsBuy.prototype.setValues=function(b){var a=KJE.inputs.items;b.MONTHLY_PMI=a.MONTHLY_PMI.getValue();b.PRICE_OF_HOME=a.PRICE_OF_HOME.getValue();b.DOWNPAYMENT_CLOSING_CASH=a.DOWNPAYMENT_CLOSING_CASH.getValue();b.PROPERTY_TAX_RATE=a.PROPERTY_TAX_RATE.getValue();b.HOME_INSURANCE_RATE=a.HOME_INSURANCE_RATE.getValue();b.INTEREST_RATE=a.INTEREST_RATE.getValue();b.LENGTH_OF_LOAN=a.TERM.getValue();b.LOAN_ORIGINATION_RATE=a.LOAN_ORIGINATION_RATE.getValue();b.LOAN_ORIGINATION_AMT=0;b.POINTS_PAID_NBR=a.POINTS_PAID_NBR.getValue();if(b.USE_OTHER_FEES_AMOUNT){b.OTHER_CLOSING_COSTS=a.OTHER_CLOSING_COSTS.getValue()}else{b.OTHER_CLOSING_COSTS_RATE=a.OTHER_CLOSING_COSTS.getValue()}b.TAX_RATE=a.TAX_RATE.getValue();b.MONTHLY_RENT=a.MONTHLY_RENT.getValue();b.INFLATION_RATE=a.INFLATION_RATE.getValue();b.INVESTMENT_RETURN=a.INVESTMENT_RETURN.getValue();b.HOME_APPRECIATION_RATE=a.HOME_APPRECIATION_RATE.getValue();b.HOME_COMMISION_RATE=a.HOME_COMMISION_RATE.getValue();b.ANNUAL_REPORT_PERIOD=a.YEAR.getValue();b.MAXIMUM_20_DOWN=a.MAXIMUM20.getValue();b.MAINTENANCE=a.MAINTENANCE.getValue()};KJE.MortgageRentvsBuy.prototype.refresh=function(g){var f=KJE;var e=KJE.gLegend;var b=KJE.inputs.items;var c=KJE.gGraphs[0];var d=KJE.gGraphs[1];var a=KJE.gGraphs[2];KJE.setTitleTemplate(g.RESULT_MESSAGE_MAIN);a.removeAll();a._iLimit=10;a.setGraphCategories(g.cats);a.add(new KJE.gGraphDataSeries(g.DS_NET_HOME_COST,g.MSG_GRAPH3,a.getColor(1),"",g.MSG_GRAPH3+" "+KJE.MSG_YEAR_LBL));a.add(new KJE.gGraphDataSeries(g.DS_RENT,g.MSG_GRAPH4,a.getColor(2),"",g.MSG_GRAPH4+" "+KJE.MSG_YEAR_LBL));a.paint();d.removeAll();d.setGraphCategories(g.cats2);d.add(new KJE.gGraphDataSeries(g.DS_G2,"",d.getColor(1)));d.paint();b.LOAN_AMOUNT.setText(f.dollars(g.LOAN_AMOUNT),true);b.MONTHLY_PI.setText(f.dollars(g.MONTHLY_PI,2),true);b.TOTAL_FOR_DOWNPAYMENT.setText(f.dollars(g.TOTAL_FOR_DOWNPAYMENT),true);c.removeAll();c._iLimit=10;c.setGraphCategories(g.cats);c.add(new KJE.gGraphDataSeries(g.DS_INVESTMENT_TOTAL,this.MSG_GRAPH9,a.getColor(1)));c.add(new KJE.gGraphDataSeries(g.DS_HOME_EQUITY,this.MSG_GRAPH10,a.getColor(2)));c.add(new KJE.gGraphDataSeries(g.DS_EQUITY_AFTER_COSTS,this.MSG_GRAPH11,a.getColor(3)));c.paint();b.MONTHLY_PMI.setValue(f.round(g.MONTHLY_PMI,2),true);if(g.MONTH_PMI_EXEMPT){b.MONTHLY_PMI.disable()}else{b.MONTHLY_PMI.enable()}};KJE.InputScreenText=" Downpayment and closing costs
**GRAPH3** **GRAPH2** **GRAPH1** ";KJE.DefinitionText=" Price of homePurchase price of the home you wish to buy. Interest rateThe current interest rate you expect to receive on your mortgage. Term in yearsThe number of years over which you will repay this loan. Property tax rateYour property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes. Home insurance rateYour homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance. Association and maintenance feesAny association fees you are required to pay per month with the ownership of this home. Also include any other maintenance costs you expect to incur with the ownership of this home that you are not paying while you continue to rent. Cash on handCash you have for the down payment and closing costs. Loan origination rateThe percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000. Points paidThe total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance. Other closing costsEstimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid. Total for down paymentTotal funds remaining for down payment. Monthly rent paymentAmount you currently pay for rent per month. After-tax investment returnThe rate of return, after taxes, you could receive if you invested your closing costs and down payment instead of purchasing a home.**ROR_DEFINITION**
Income tax rateYour current marginal income tax rate. **TAXTABLE_CURRENT_DEFINITION** Expected inflation rate**INFLATION_DEFINITION** Inflation rate is used to adjust amounts subject to annual increases. These amounts include rent, insurance and tax payments. Home appreciates atAnnual appreciation you expect in the home you are purchasing. Future sales commissionThe percent of your home's selling price you expect to pay to a broker or real estate agent when you sell your home. House paymentTotal of principal, interest, taxes and insurance (PITI) and maintenance paid per month for your home. Insurance includes Principal Mortgage Insurance (PMI) and homeowner's insurance. Initial tax savingsThe value of the tax deduction you receive on your mortgage's interest and home's property taxes. For example, if you have $900 in interest and $100 property taxes per month, the value of the tax deduction would be $250 (at a tax rate of 25%). Initial principal paymentTotal of principal paid per month on your mortgage. Net house paymentYour initial house payment minus the value of the tax deduction and principal payment. Net home priceNet selling price of your home after subtracting any sales commissions. Monthly payment (PI)Monthly principal and interest payment. Monthly PMIMonthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. ";KJE.ReportText=' This is based on your home\'s estimated equity minus a HOME_COMMISION_RATE sales commission paid to brokers or real estate agents when you sell your home. It also assumes your home will appreciate at HOME_APPRECIATION_RATE per year and you have an income tax rate of TAX_RATE. RESULT_MESSAGE_ADVICE We calculated your break even point by examining how long it would take to create enough equity in your home to exceed the value of investing your cash on hand. We also accounted for differences in your monthly rent and house payments. If your rent payment is less than your net house payment, we add that monthly savings to your investment. If your house payment is less than your rent payment we subtract that amount from your investment. You may notice that on the schedule at the bottom of this report the investment value can be reported as negative. This happens if your house payment is significantly lower than your rent payment. It illustrates that if you continue to rent the extra cost of renting would, in effect, use up your cash on hand. **GRAPH**
Your total monthly payment was estimated at MONTHLY_TOTAL_PMT. Your down payment was estimated at TOTAL_FOR_DOWNPAYMENT and you had a home price of PRICE_OF_HOME. This is for a LENGTH_OF_LOAN year mortgage at INTEREST_RATE in the amount of LOAN_AMOUNT. Your total closing costs for this loan are estimated at TOTAL_CLOSING_COSTS. Your current monthly rent is MONTHLY_RENT. The expected inflation rate of INFLATION_RATE annually was used to estimate future rent and property taxes. The rate of return use for investments was INVESTMENT_RETURN per year after taxes. **GRAPH**
Principal and interest | MONTHLY_PI |
Monthly PMI | MONTHLY_PMI |
Taxes | PROPERY_TAX_MONTHLY |
Insurance | HOME_INSURANCE_MONTHLY |
Association dues & maintenance | MAINTENANCE |
---|
Amount of points paid | POINTS_PAID_AMT |
Loan origination fee | LOAN_ORIGINATION_AMT |
Other closing costs | OTHER_CLOSING_COSTS |
---|
To avoid PMI payments, a DOWNPAYMENT_20 down payment is required. This equals 20% of your home\'s purchase price. The total amount of cash required for a 20% down payment plus closing costs would be CLOSING_CLOSING_COSTS_20.
**GRAPH**
**REPEATING GROUP** ';