| Sales
Price |
208,000
|
|
|
|
|
|
| Tax Rate |
0.0267 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
197,600 |
187,200 |
166,400 |
108,757
|
|
|
| Annual interest |
5.875% |
5.875% |
5.875% |
6.250% |
|
|
| 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 |
1,168.88 |
1,107.36 |
984.32 |
669.64 |
|
|
| Property tax Payment |
462.80 |
462.80 |
462.80 |
462.80 |
|
|
| Mortgage Insurance Policy |
128.44 |
82.68 |
0.00 |
45.32 |
|
|
| Hazard Insurance |
78.22 |
74.10 |
65.87 |
43.05 |
|
|
| Total Monthly Mortgage
Payment |
1,838.34 |
1,726.94 |
1,512.99 |
1,220.80 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
6,565.48 |
6,167.64 |
5,403.52 |
4,209.66 |
|
|
| Max. Monthly Debts |
525.24 |
493.41 |
432.28 |
505.16 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
2,363.57 |
2,220.35 |
1,945.27 |
1,725.96 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
10,400.00 |
20,800.00 |
41,600.00 |
2,840.00 |
|
|
| Approx. Closing Costs |
3,614.00 |
3,510.00 |
3,302.00 |
2,261.50 |
|
|
| Approx. Prepaids |
3,707.73 |
3,554.46 |
3,166.80 |
2,033.25 |
|
|
| Total Dwn Pmt/Closing
Costs |
17,721.73 |
27,864.46 |
48,068.80 |
7,134.75 |
|
|
| Reserves Required |
5,515.01 |
3,453.88 |
3,025.97 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
|
|
|
|
|
|
|
|
|