| Sales
Price |
227,499
|
|
|
|
|
|
| Tax Rate |
0.0297 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
216,124 |
204,749 |
181,999 |
133,117
|
|
|
| Annual interest |
5.750% |
5.750% |
5.750% |
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 |
1,261.24 |
1,194.86 |
1,062.10 |
841.39 |
|
|
| Property tax Payment |
563.06 |
563.06 |
563.06 |
563.06 |
|
|
| Mortgage Insurance Policy |
140.48 |
90.43 |
0.00 |
55.47 |
|
|
| Hazard Insurance |
85.55 |
81.05 |
72.04 |
52.69 |
|
|
| Total Monthly Mortgage
Payment |
2,050.33 |
1,929.40 |
1,697.20 |
1,512.61 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
7,322.61 |
6,890.71 |
6,061.43 |
5,215.89 |
|
|
| Max. Monthly Debts |
585.81 |
551.26 |
484.91 |
625.91 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
2,636.14 |
2,480.65 |
2,182.11 |
2,138.52 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
11,374.95 |
22,749.90 |
45,499.80 |
3,850.00 |
|
|
| Approx. Closing Costs |
3,799.24 |
3,685.49 |
3,457.99 |
2,501.50 |
|
|
| Approx. Prepaids |
4,203.42 |
4,036.97 |
3,615.34 |
2,465.31 |
|
|
| Total Dwn Pmt/Closing
Costs |
19,377.61 |
30,472.36 |
52,573.13 |
8,816.81 |
|
|
| Reserves Required |
6,150.99 |
3,858.80 |
3,394.40 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
|
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|
|
|
|
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|