On a related note, in our shop we just discovered that the "In 5 years" total payment calculation double counts loan costs, when they are financed.
Simple example: $300,000 11 mo construction loan with $4,500 in financed fees. Figures show as:
"Comparisons, In 5 Years:
$315,000 Total you will have paid in principal, interest, mortgage insurance, and loan costs.
$304,500 Principal you will have paid off."
I agree with the bottom number, but the top one proves to be a sum of $304,500 principal, $10,500 interest, no mortgage ins, and $4,500 loan costs (again).
At first I thought Laser Pro was wrong, but it is simply following the commentary instructions of 1026.37(l)(1)(i). It expressly says "Loan costs are those costs disclosed pursuant to 1026.37(f)", which is summed up on page two of the LE in item D.
There is no allowance to back out loan costs from the principal amount when loan costs are financed. Therefore, they are counted twice in the top figure.
Dumb!
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Me, Type A? Maybe - I'm not done analyzing it yet.