| Sales
Price |
299,900
|
|
|
|
|
|
| Tax Rate |
0.0272 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
284,905 |
269,910 |
239,920 |
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 |
1,685.32 |
1,596.62 |
1,419.22 |
841.39 |
|
|
| Property tax Payment |
679.77 |
679.77 |
679.77 |
679.77 |
|
|
| Mortgage Insurance Policy |
185.19 |
119.21 |
0.00 |
55.47 |
|
|
| Hazard Insurance |
112.77 |
106.84 |
94.97 |
52.69 |
|
|
| Total Monthly Mortgage
Payment |
2,663.06 |
2,502.44 |
2,193.96 |
1,629.32 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
9,510.92 |
8,937.29 |
7,835.57 |
5,618.35 |
|
|
| Max. Monthly Debts |
760.87 |
714.98 |
626.85 |
674.20 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
3,423.93 |
3,217.43 |
2,820.80 |
2,303.53 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
14,995.00 |
29,990.00 |
59,980.00 |
3,850.00 |
|
|
| Approx. Closing Costs |
4,487.05 |
4,337.10 |
4,037.20 |
2,501.50 |
|
|
| Approx. Prepaids |
5,383.39 |
5,162.40 |
4,603.47 |
2,465.31 |
|
|
| Total Dwn Pmt/Closing
Costs |
24,865.44 |
39,489.50 |
68,620.67 |
8,816.81 |
|
|
| Reserves Required |
7,989.17 |
5,004.89 |
4,387.92 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
|
|
|
|
|
|
|
|
|