In this release, we’re all about calculators! While they may not be as glamorous as a summer vacation, you can still kick back and relax as our new calculator tools do the heavy lifting for you. With our latest updates, mortgage affordability and reverse calculations are now a breeze. Let’s dive in!
😌 Calculate mortgage affordability with ease
We’re excited to announce a new feature that empowers you to calculate your client’s maximum affordability while meeting GDS and TDS constraints defined by you. No more guesswork!
From the qualifying details calculator, you can now easily determine the maximum mortgage amount your clients are likely to qualify for.
If you have your client’s income, amortization, interest rate, and payment frequency, you can simply input target GDS and TDS ratios, and have Finmo calculate your client’s maximum mortgage amount and purchase price.
🙃 Reverse calculations
We’ll also do the math for you in reverse! Our team released a feature that allows you to input a specific mortgage amount and have Finmo automatically calculate the necessary purchase price or down payment. Edit the “Mortgage amount” in the payment details calculator, explore various scenarios, and quickly find the best options for your clients.