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Monthly principal and interest, taxes, insurance, and dues; total interest over the loan; the balloon balance on a commercial loan; and a full amortization schedule by year or by month. Free and instant, from The DeMarco Real Estate Group at RE/MAX 5 Star Realty in Hollywood, Florida.
Works for a home loan or a commercial loan. Enter the price, down payment, rate, and term; for commercial loans set an amortization longer than the term to see the balloon balance due at maturity. Taxes, insurance, and association dues can be added to see the full monthly cost.
We can introduce you to lenders who close on commercial and residential property in Broward, Miami-Dade, and Palm Beach, and we will tell you what the property is actually worth before you borrow against it.
Estimates only. Rates, terms, and fees are set by the lender; commercial loans are often quoted on a shorter term with a longer amortization, leaving a balloon balance at maturity. Taxes shown are what you enter; a purchase resets assessed value in Florida, so use the new-buyer tax estimator rather than the seller's bill. Not lending, legal, or tax advice. Provided by The DeMarco Real Estate Group at RE/MAX 5 Star Realty, 1901 Harrison Street, Hollywood, FL 33020, (954) 453-1000.
Principal and interest come from the loan amount, the annual rate divided by twelve, and the number of monthly payments in the amortization period. Property taxes and insurance are usually collected through escrow on top of that, and association or CAM dues are paid separately. The calculator shows each part and the total.
A table showing every payment over the life of the loan, split into interest and principal, with the balance after each one. Early payments are mostly interest; later payments are mostly principal. The schedule above can be viewed by year or by month and printed.
Commercial loans are commonly written with a term of five, seven, or ten years but amortized over 20 to 30 years. The monthly payment is based on the longer amortization, so at the end of the term the remaining balance, the balloon, is due and must be refinanced or paid off. The calculator shows that balance whenever the term is shorter than the amortization.
Conventional residential loans commonly require 5 to 20 percent down, with mortgage insurance below 20 percent; jumbo loans above the conforming limit often require 20 percent or more. Commercial lenders typically require 25 to 35 percent down and a debt service coverage ratio of about 1.20 to 1.25.
Net operating income divided by annual loan payments. A DSCR of 1.25 means the property earns 25 percent more than it needs to cover the mortgage. Most commercial lenders in South Florida require 1.20 to 1.25, and the calculator shows the income a loan would need at 1.25.
No. In Florida a sale resets the assessed value to market value the year after closing, so the buyer's taxes are usually higher than the seller's. Use the new-buyer tax estimator on our Florida real estate calculators page and enter that figure here.
Yes. Extra principal reduces the balance, so less interest accrues and the loan pays off sooner; on a 30-year loan, one extra payment a year typically cuts several years off the schedule. Check for prepayment penalties on commercial loans first; many carry them for the first years of the term.
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Call the office and ask for the commercial desk.
