BP Calculator confusing me

[Christen G.]

Hi there,

I'm still really looking for a good, fast spreadsheet where I can pencil deals that I find quickly. So today I used the BP calculator for the first time on a MFH that I'm interested in.  I feel like there is an error (probably mine), but I can't for the life of me understand why it's showing that I will be paying $6k in P&I if I am putting down 25%.

I've attached some screen shots - can anyone tell me what I've done wrong? A couple of notes:

- I threw in $1k/mo for W/S/G as it’s a 6-plex - (BUT figured we can bill that back at $150/mo to the renter. and they'll pay electric)

- It looks turn-key, so I didn't change the ARV - is that ok?

- I don’t understand why P&I is $6k if we’re putting down 25% — ? 

[Nate Burgher]

Oh, wait! I read it originally as PMI (private mortgage insurance), which is charged when your down payment is less than 20%. Your P&I (Principal & Interest) is correct on a $1.6M property. So the calculations are correct.