| Sales
Price |
229,900
|
|
|
|
|
|
| Tax Rate |
0.0300 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
218,405 |
206,910 |
183,920 |
133,117
|
|
|
| Annual interest |
5.875% |
5.875% |
5.875% |
6.500% |
|
|
| Term (years) |
30 |
30 |
30 |
30 |
|
|
| Periods per year |
12 |
12 |
12 |
12 |
|
|
| No. of payments |
360 |
360 |
360 |
360 |
|
|
|
|
|
|
|
|
|
| Monthly Payment Analysis |
|
|
|
| Principal
Interest Payment |
1,291.95 |
1,223.95 |
1,087.96 |
841.39 |
|
|
| Property tax Payment |
574.75 |
574.75 |
574.75 |
574.75 |
|
|
| Mortgage Insurance Policy |
141.96 |
91.39 |
0.00 |
55.47 |
|
|
| Hazard Insurance |
86.45 |
81.90 |
72.80 |
52.69 |
|
|
| Total Monthly Mortgage
Payment |
2,095.11 |
1,971.99 |
1,735.51 |
1,524.30 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
7,482.55 |
7,042.81 |
6,198.24 |
5,256.20 |
|
|
| Max. Monthly Debts |
598.60 |
563.43 |
495.86 |
630.74 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
2,693.72 |
2,535.41 |
2,231.37 |
2,155.04 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
11,495.00 |
22,990.00 |
45,980.00 |
3,850.00 |
|
|
| Approx. Closing Costs |
3,822.05 |
3,707.10 |
3,477.20 |
2,501.50 |
|
|
| Approx. Prepaids |
4,287.78 |
4,118.37 |
3,689.90 |
2,465.31 |
|
|
| Total Dwn Pmt/Closing
Costs |
19,604.83 |
30,815.47 |
53,147.10 |
8,816.81 |
|
|
| Reserves Required |
6,285.34 |
3,943.98 |
3,471.02 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
|
|
|
|
|
|
|
|
|