Amy HerreraRE/MAX Elite
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Real estate calculators

Run the numbers.

Six calculators tuned for Texas, from property taxes to ITIN loans and FIRPTA.

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01 · Mortgage

Your monthly payment.

Texas property tax, insurance, PMI and HOA, in from the first number.

 

Loan term

Often about 2 to 3% in Hidalgo and Cameron counties. Verify with the appraisal district.

Estimated monthly payment

$0

Principal, interest, taxes, insurance, PMI and HOA

Principal & interest
$0
Property tax
$0
Homeowners insurance
$0
PMI
$0
HOA
$0
Loan amount
$0
Down payment
$0
Total interest over the loan
$0

Fixed rate. PMI at 0.6% a year under 20% down. Your tax bill depends on appraised value and exemptions. Estimates only, not a loan offer or tax advice.

Talk through this payment

02 · Affordability

What can you afford?

Worked backward from the two ratios lenders use.

Car, student loan and card minimums. Not current rent.

Comfortable price, up to

$0

 

Max monthly housing payment
$0
28% of gross monthly income
$0
36% of gross income, less debts
$0
Down payment
$0
Estimated loan amount
$0
Stretch price at 43% DTI
$0
Stretch monthly payment
$0

30-year fixed, 28% and 36% debt-to-income guidelines. Stretch shows a 43% ceiling, not a recommendation. Estimates only, not a loan offer.

How I help buyers

03 · ITIN loan

ITIN vs conventional.

No Social Security number? See what a bigger down payment and higher rate really cost.

ITIN loan

Often 10 to 25% for ITIN programs.

Often 1 to 2 points above conventional.

Conventional comparison
Both scenarios

30-year fixed for both loans.

ITIN vs conventional, per month

$0

 

ITIN and conventional scenarios compared
ItemITINConventional
Down payment
Loan amount
Rate
Principal & interest
Taxes & insurance
Mortgage insurance
Monthly total
Extra cash for the down payment
$0
Interest over 30 years, ITIN
$0
Interest over 30 years, conventional
$0

Conventional PMI at 0.6% a year under 20% down; none on ITIN. Programs vary. Estimates only, not a loan offer.

ITIN mortgage guide

A non-QM loan

Outside agency programs, so each lender sets its own down payment, rate and terms.

Documents lenders ask for

  • IRS ITIN assignment letter
  • Two years of tax returns
  • Bank statements for down payment
  • Proof of income and photo ID

Plan the gap

Cash at closing is the gap. Steady deposits in one account help. Hablo español.

04 · FIRPTA

FIRPTA withholding.

Foreign seller? Know what the buyer must withhold before you list.

Usually the sale price, plus any liabilities the buyer assumes.

Is the seller a foreign person?

Nonresident aliens and foreign entities. U.S. citizens and resident aliens are not.

Estimated FIRPTA withholding

$0

 

Withholding rate
0%
Amount realized
$0
Proceeds after withholding, before other costs
$0
Who withholds
The buyer, at closing
IRS forms
8288 and 8288-A
Deadline
Within 20 days of closing

Estimates only, not tax advice. See a tax professional before you list.

FIRPTA guide for sellers

How it plays out at closing.

It prepays the seller's U.S. tax. Plan early.

How I help sellers

  1. Confirm status

    Non-foreign sellers sign a certification and nothing is withheld.

  2. Apply the rate

    15% by default. 10% up to $1,000,000, or 0% up to $300,000, when the buyer will live there.

  3. Withhold and file

    Taken from proceeds at closing. The buyer files Forms 8288 and 8288-A within 20 days.

  4. Right-size it

    Form 8288-B can cut it to the tax owed. Any excess returns when the seller files.

05 · Rent vs buy

Rent or buy?

Equity, upkeep and lost returns, counted. Then your break-even year.

Renting
Buying

Percent of home value.

Time horizon
Advanced assumptions

Commissions (negotiable), title and closing.

Buying comes out ahead by

$0

 

Rent paid
$0
Upfront cash (down + closing)
$0
Mortgage, PMI, taxes, insurance, upkeep
$0
Return given up on upfront cash
$0
Home value at the end
$0
Equity after selling costs
$0
Net cost of buying
$0
Net cost of renting
$0
Break-even
-

Buying counts cash paid in plus lost returns on upfront cash, minus equity after selling costs. Income taxes ignored. Estimates only.

First-time buyer guide

06 · Closing costs

Closing costs.

Buyer cash to close or seller net, with Texas line items.

I am the

Enter 0 for cash.

Estimated buyer closing costs

$0

 

Lender fees (about 1% of loan)
$0
Lender's title policy
$0
Prepaid interest (1 to 30 days)
$0
Insurance (12 mo) + 3 mo tax reserve
$0
Survey
$0
Appraisal
$0
Cash to close, with down payment
$0

Texas title premiums are promulgated by the state, so they match at every title company. Title shown is a placeholder. Estimates only.

Review a real estimate with me

Next step

Numbers first. Strategy next.

Bring your scenario. I will tell you what to offer, what to ask for and which costs to negotiate.

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