| Sales
Price |
248,000
|
|
|
|
|
|
| Tax Rate |
0.0270 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
235,600 |
223,200 |
198,400 |
117,030
|
|
|
| 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 |
1,393.66 |
1,320.31 |
1,173.61 |
739.71 |
|
|
| Property tax Payment |
558.00 |
558.00 |
558.00 |
558.00 |
|
|
| Mortgage Insurance Policy |
153.14 |
98.58 |
0.00 |
48.76 |
|
|
| Hazard Insurance |
93.26 |
88.35 |
78.53 |
46.32 |
|
|
| Total Monthly Mortgage
Payment |
2,198.06 |
2,065.24 |
1,810.14 |
1,392.79 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
7,850.22 |
7,375.87 |
6,464.80 |
4,802.73 |
|
|
| Max. Monthly Debts |
628.02 |
590.07 |
517.18 |
576.33 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
2,826.08 |
2,655.31 |
2,327.33 |
1,969.12 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
12,400.00 |
24,800.00 |
49,600.00 |
3,200.00 |
|
|
| Approx. Closing Costs |
3,994.00 |
3,870.00 |
3,622.00 |
2,343.00 |
|
|
| Approx. Prepaids |
4,439.36 |
4,256.61 |
3,794.40 |
2,202.76 |
|
|
| Total Dwn Pmt/Closing
Costs |
20,833.36 |
32,926.61 |
57,016.40 |
7,745.76 |
|
|
| Reserves Required |
6,594.18 |
4,130.48 |
3,620.29 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
|
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|
|
|
|
|
|
|