Welcome back to our second blog post in our 6 week blog series— Cool Tools for Office Space Planning.
Last week we shared a blog post that helps determine your space costs.
This week we wanted to share a cool tool that will help you determine your mortgage amount to purchase Austin Commercial Real Estate property.
Have you found the perfect office space and then discovered that it’s actually for sale instead of for lease?
The idea of purchasing your own office might not have been in your plans but it can be a great investment—especially if you choose wisely with the help of a commercial real estate broker.
We’ve provided a cool mortgage calculator tool that will allow you to plug in your information and the tool will help you estimate an amortization schedule for your Austin Commercial Real Estate Mortgage.
By plugging in just a couple bits of information—loan amount, interest and the mortgage term, we can help you identify how much you’ll spend each month.
You can also click on “View Report” and it will give you a much more detailed report that includes:
- Mortgage Summary
- Prepayment Summary
- Payment Schedule
Understanding all of the terms for commercial real estate can be overwhelming so we’ve also provided a quick list of key terms used during the commercial purchase process.
Mortgage amountOriginal or expected balance for your mortgage.Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.Interest rate Annual fixed interest rate for this mortgage.Monthly payment Monthly principal and interest payment (PI).
Total payments Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
Prepayment amount Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month’s interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assumed to happen before the first payment of the loan.
Savings Total amount of interest you will save by prepaying your mortgage.
Best of luck in your Austin commercial office property search and we hope this tool helped provide some valuable information!
